First Abu Dhabi Bank PJSC (FAB) and State Street Corporation (NYSE:STT) today announced a new strategic alliance that leverages FAB’s regional securities services expertise, incorporating the largest direct custody network in the Middle East and North Africa (MENA), and State Street’s global strength and capabilities.
The alliance will create a full-service enterprise offering for institutional investors in the region. It will provide MENA investors with extensive reach into more than 100 markets around the world, an unrivalled 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.
Clients 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 FAB’s regionalised suite of securities services products, local expertise and regional direct custody network.
Hana Al Rostamani, Group Chief Executive Officer of FAB, commented:
“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. We are excited to showcase how this will elevate investment servicing in the region.”
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. By leveraging the best of both global and regional expertise offered by the collaboration of our two organisations, we will provide a truly customised and flexible service model that proactively drives innovative solutions to meet our clients’ needs.”