National Bank of Abu Dhabi (NBAD) and Abu Dhabi Securities Market (ADSM) have signed a custody agreement to provide the service to the bank’s customers.
“This agreement confirms NBAD’s commitment to provide the best and a wide range of banking solutions and products to our esteemed customers,” said Saif Al Shehhi, Senior General Manager, NBAD’s Domestic Banking Division, yesterday.
“It also represents a part of NBAD initiatives to provide our customers with more investment products as we strive to play a significant role in the development of UAE financial markets.
“The fact that we are the first national bank in the UAE to provide custody services to local and international investors illustrates our progressive mentality in adopting advanced services to better serve the customers and strengthen our status,” said Al Shehhi.
“Since it inception in 1968, NBAD has been at the forefront of providing innovative banking products and services to meet expectations of our customers and strengthen the economic and social development of the country,” he said.
Tom Healy, ADSM’s Director-General, said: “At ADSM, we are always keen to expand and improve the quality of services offered to the investor community and to keep pace with international standards.”
Majd Maaitah, NBAD’s Senior Manager for Securities Services Department, said: “NBAD and ADSM are working to finalise the necessary procedures to launch these services to all segments of investors including individuals and institutions and we expect this to be done in three months,” Maaitah added.
“Today, NBAD provides registrar services to more than 20 listed companies in addition to NBAD Lead Services in arranging initial public offering and other securities services,” he added.
Nazem Al Kudsi, Chief Investment Officer, Asset Management Group, NBAD said: “Providing custody services to all segments of investors will surely enhance NBAD’s asset management services as well as attract more foreign investments.
“NBAD’s asset management group has developed its services and our newly formed team was able to put some outstanding performance numbers together in 2007 and we are eagerly looking forward to launch very exciting funds in 2008,” said Al Kudsi.
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