Bahrain Stock Exchange (BSE) announced that it has signed a Depository Participant (Custodian) agreement with Gulf Custody Company (GCC) -Bahrain on 6 January 2010. The agreement allows the Bank to offer custody services at the Exchange to local, regional and international investors. The signing was attended by Mr. Fouad Rashid, Director of BSE and Mr. Ali Al Laith, General Manager of GCC – Bahrain.
On this occasion, Mr. Fouad Rashid Director of BSE commented, “We are pleased for the joining of GCC to the institutions that provide custodian services to investors at the Exchange. We are optimistic that GCC will attract more investments at BSE”.
“BSE is continuously seeking to provide more advance and diversified options to investors in Bahrain and abroad, in which these services represent a vital part in the process of investing in securities, especially in meeting the increasing needs of different investors. BSE will continue coordinating and cooperating with leading financial institutions in order to make these services available to investorsin BSE,” he added.
Mr. Ali Al Laith, General Manager of GCC Bahrain expressed his pleasure for signing the custodian agreement with BSE, hoping that this agreement will enhance the cooperation with BSE in a way that will benefit the Exchange and the clients of our company. “This agreement marks the beginning of a fruitful relationship between BSE and GCC, where the company will provide its technologically advanced services.”
“The signing of this agreement comes in line with meeting the needs of the clients of GCC, in which the custodian services offered are similar to those provided in other financial markets.
Custodian services to investors include opening of securities accounts, settlement of trades, collection of dividends and safeguarding clients’ securities, apart from management reporting and reconciliations.