Societe Generale Securities Services (SGSS) and the National Bank of Abu Dhabi (NBAD), the Number One Bank in the United Arab Emirates (UAE), have signed a commercial agreement which capitalises on their recognized abilities to provide extensive Securities Services in their respective regions.
The agreement allows SGSS, the world’s sixth largest Global Custodian and the 2nd largest in Europe, and NBAD, the first licensed Securities Custodian in the UAE, to expand the geographical coverage of their Securities services. Each business will benefit from the other’s strengths by leveraging its product expertise in order to provide comprehensive solutions and broader global support to European-based institutions and clients in the Gulf Cooperation Council (GCC) countries.
A Securities Custodian acts in a securities transaction as the holder Securities and funds on behalf of a third party. A Securities Custodian provides clearing, settlement and assets servicing, which entails collection of dividend, interest, subscription in rights issues, and proxy voting services.
“NBAD is actively and prudently expanding its services by capitalizing on its strengths and advantages. Following the licensing of NBAD as the first UAE Custodian by Emirates Securities and Commodities Authority, we are now positioned for greater opportunities regionally & globally” said Rüdiger von Wedel, the Senior General Manager of Global Wealth Division of National Bank of Abu Dhabi. “This agreement expands the coverage and range of services provided to both NBAD and SGSS Clients”
Alain Closier, Head of SGSS, said “This new commercial agreement is another illustration of our development strategy to build on our strong pan-European platform and offer local expertise and resources to foreign players who are increasingly interested in accessing European markets. We can now bring additional value to our clients by offering them direct access to the leading local securities services provider for the GCC countries.
Commenting on the importance of the GCC countries to Société Générale Eric Wormser, Societe Generale Group Representative for the Gulf Region said: “This commercial agreement with the number one bank in the United Arab Emirates, is a clear indication of Société Générale commitment to developing its presence in the region.”
“Using SGSS as a preferred provider will allow us to offer our local clients the range of Securities Services available from one of Europe’s leading Custodians,” said Hany Samir, the Head of NBAD Custody Services “NBAD is a forward-looking Bank that devotes considerable capital, care and effort to innovating the best-in-class financial products and services for all of our clients here in the UAE and across the GCC.”
