Standard Chartered Bank is expanding its custody services in UAE with the recent addition of Abu Dhabi Securities Exchange (ADX). The Bank now provides full custody services in three markets including Dubai International Financial Exchange (DIFX) and Dubai Financial Market (DFM) in the Middle East.
The launch of custody services for clients investing in Abu Dhabi Financial Market demonstrates its continued focus on further developing its securities services business in the Middle East region.
“With the launch of custody services in the Abu Dhabi Exchange, Standard Chartered now covers the entire UAE market,” says Said Giles Elliott, global head of product, securities services at Standard Chartered Bank. “The ADX launch, together with our award winning services in the DIFX strengthens our position as a leading provider of custody services in UAE as well as expands our sub-custody footprint to 19 markets in Asia and the Middle East. We are committed to growing our securities services business in the Middle East.”
In response to the growing demands from foreign investors who trade on the Abu Dhabi Securities Exchange, Standard Chartered will provide the full range of sub-custody and securities clearing services which includes settlement, safekeeping services, corporate actions and market information.
The ADX serves the domestic cash equity market and has 65 listed companies with a market capitalisation of US$134 billion as of end June 2008.
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