DFM and NBAD sign Depository Participant Agreement
Dubai Financial Market (DFM) announced that it has signed a Depository Participant Agreement with National Bank of Abu Dhabi (NBAD) to be the first UAE-based bank providing securities services to local and international investors in DFM.
The signing ceremony was attended by Essa Kazim, Chairman of DFM; Abdulla Mohammed Saleh AbdulRaheem, NBAD’s Senior General Manager and Group Chief Operating Officer;. Sally Paterson, NBAD’s Head of Business Planning & Strategy; and Mariano Bengoechea, NBAD’s Internal Advisor.
Kazim said: “This agreement with NBAD is fully in line with DFM’s longstanding commitment to expanding and improving the quality of services offered to the investor community. The provision of such best-in-class services ensures that we meet the evolving needs of the local, regional and global investment community.”
He added: “We are delighted to sign this agreement with NBAD, which will enhance our service offering to all segments of investors, including individuals and institutions worldwide. The addition of NBAD complements the existing network of custody service providers that DFM recently began offering through leading financial institutions. We look forward to further expanding and enhancing these services in the future.”
AbdulRaheem said: “This new partnership with DFM represents a part of NBAD’s strategy to provide our customers with a full range of investment products and services as we strive to play a significant role in the development of UAE financial markets.
“The fact that we are the first UAE-based bank to provide custody services to local and international investors in DFM illustrates our innovative approach to providing advanced services to better serve our esteemed customers and strengthen our status as the number-one bank in the UAE,” he added.
NBAD currently provides registrar services to more than 20 listed companies, in addition to NBAD lead services in arranging IPOs and other securities services. Providing custody services to all segments of investors will enhance NBAD’s asset management services. NBAD’s asset management group has developed its products and services, and the newly formed team was able to put some outstanding performance numbers together in 2007.