Wednesday, August 4, 2021

A strategic partnership between First Abu Dhabi Bank and State Street

Abu Dhabi – Mubasher: First Abu Dhabi Bank and State Street Company, registered on the New York Stock Exchange, announced a new strategic partnership contract, which combines the bank’s expertise due to its possession of the largest direct network of securities custody in the Middle East and North Africa.

The partnership will result in the creation of the first integrated platform for investment institutions, providing them in the Middle East and North Africa with the opportunity to expand their investments to more than 100 markets around the world, in addition to benefiting from an exceptional range of products designed to serve all listed or unlisted assets, according to a statement. Journalist.

It will have access to a network of experts and infrastructure across the region’s most important markets, including the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt..

Customers will be able to access all the services provided by State Street, in addition to its integrated data analysis and management solutions, which in turn are integrated with the regional securities products and services offered by First Abu Dhabi Bank, its local expertise and its regional network of direct securities custody..

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: The investment sector in the Middle East is characterized by many important components, most notably the presence of the largest number of sovereign wealth funds in the world, as well as a variety of private investment institutions.

Ron O’Hanley, Chairman and CEO of State Street, said: “This strategic partnership offers unconventional offerings to investors in the Middle East and North Africa region, as well as other investors interested in investing.

Today’s customers are looking for partners who are financially and operationally strong and have the capabilities to run their non-core businesses on their behalf, which enhances operational efficiency, reduces costs and risks, and eases the complexity of matters and regulations.

By utilizing the best global and regional expertise provided by our cooperation with First Abu Dhabi Bank, we will ensure that we provide a service model that is flexible and focuses on innovative and proactive solutions to meet the current and future needs of our customers.“.

It is reported that First Abu Dhabi Bank grabbed the second place Among the top 10 banks in the region, with sales of $7.6 billion and net profits of $2.9 billion.

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