The UAE’s largest lender by assets, First Abu Dhabi Bank (FAB) and American financial services and bank holding company, State Street Corporation has entered into a new strategic alliance to strengthen the bank’s regional securities services expertise.
The alliance will incorporate the largest direct custody network in the Middle East and North Africa (MENA) region and State Street’s global strength and capabilities. Further, it will create a full-service enterprise offering for institutional investors in the region.
The partnership will offer MENA investors extensive reach into more than 100 markets across the globe and an unrivaled product range servicing all major listed and unlisted asset classes, delivered by in-country client service teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and Egypt.
The clients of FAB will have access to State Street’s full suite of front, middle and back-office capabilities, in addition to its extensive data management and analytics solutions, which seamlessly integrate with the banks’ regionalized suite of securities services products, local expertise and regional direct custody network.
“The Middle East investment landscape is distinctive with some of the world’s largest sovereign wealth funds alongside a diverse range of private investment institutions. These investors require access to sophisticated investment tools and solutions across both their MENA and global investments. The alliance between FAB and State Street creates a unique platform, delivering leading capabilities across the entire investment value chain that cater for the characteristics of regional and global investments.”
Mr. Ron O’Hanley, Chairman and Chief Executive Officer of State Street, commented, “This partnership between FAB and State Street presents a unique proposition for MENA investors and those who invest in the region. Clients are looking for financially secure and operationally resilient partners who can manage the non-core elements of their business, helping to deliver operational efficiencies, reduce costs, mitigate risks and navigate complex regulation. They also desire to access global best practices and scale and a partner who understands the local challenges and constraints they face, and one who has the flexibility to seamlessly adapt to these changes.”
State Street Corporation
State Street Corporation is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. State Street operates globally in more than 100 geographic markets.