Societe Generale Securities Services and the National Bank of Abu Dhabi have signed a commercial agreement which aims to capitalise on their abilities to provide securities services in their respective regions.
The commercial agreement allows Societe Generale Securities Services, the world’s sixth largest global custodian and the second largest in Europe, and National Bank of Abu Dhabi, 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 countries.
“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,” says 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 (pictured), head of Societe Generale Securities Services, adds: “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.”