Citibank extends its global franchise and presence in the Arabic world. The bank signed Depository Participant Agreement (DPA) with Dubai Financial Market (DFM).
The agreement enables Citibank to provide custody of DFM-listed securities to institutional and international clients, thus helping broaden the exchanges investor base. Also Citibank will supply sophisticated depository participant services to local, regional and global investors.
Dubai Financial Market, the first regional bourse to be converted into a public joint stock company, continues to upgrade the quality of services provided to investors through cooperation with a wide range of financial institutions.
As a depository participant, banks offer custodial services in the market for DFM-listed securities. These services include, but are not limited to: account management, the protection of client assets, settlement of securities activity, handling post-trade issues, the collection and payment of dividends and interest, and the processing of corporate action activities in the market.
DFM seeks to provide more options for investors via a set of the best local and global banking institutions, and will work continuously to strengthen these services through cooperation with more such prestigious banks, says Essa Kazim, chairman, DFM.
This agreement with Citibank complements the pioneering role of DFM in the financial sector, and embodies DFMs strategy of providing the best services and products that meet the evolving and expanding needs of investors.
Providing Direct Custody and Clearing (DCC) services to the investors at DFM is an integral part of Citi’s ambitious regional expansion plan, says Mohammed Al-Shroogi, managing Director for the Middle East and chief executive officer, Citi, the UAE. We have recently embarked on a strategy to deliver locally our Securities and Funds Services capabilities within the region, while we continue to offer clients in the Middle East our full suite of global financial services and customize financial solutions that meet their growing needs.
L.D.