Bahrain Stock Exchange (BSE) announced that it has signed a Depository Participant (Custodian) agreement with Standard Chartered Bank Bahrain on 3 June 2009. The agreement allows the Bank to offer custody services to local, regional and international investors. The signing was attended by Fouad Rashid, Director of BSE and Jonathan Morris, CEO of Standard Chartered Bank Bahrain, and is in line with both organisations efforts to provide best-in-class solutions to investors in the securities industry in Bahrain.
Jonathan Morris of Standard Chartered Bank said, “Bahrain is a key market for the Bank and we are bringing in a number of new products and services to meet the requirements of both existing and potential clients. The agreement comes as a result of interest shown by our clients in needing custody services within the country and follows on from similar agreements signed by Standard Chartered with other stock exchanges in the region.”
Fouad Rashid, Director, BSE commented, “These services represent a vital part in the process of investing in securities, especially in meeting the needs of institutional investors. BSE is continuously seeking to provide more options to investors seeking entry advanced and diversified choices for investors in Bahrain and abroad using different methods, and developing these services by cooperating and coordinating with leading financial institutions such as Standard Chartered Bank. This is to keep in pace with the rapid developments of the financial services sector in the Kingdom of Bahrain.”
Julian Gladwin, Regional Head of Product Securities Services, Standard Chartered Bank MENA added, “We are pleased with our ongoing drive to continually improve and expand our product portfolio for investors across the region. We are committed to the Bahrain market and Middle East region and our team will continue to work closely with BSE and other key stakeholders to make this product accessible.”
Custodian services to investors include opening of cash and securities accounts, settlement of trades, collection of dividends and safeguarding clients’ assets, apart from management reporting and reconciliations.