CounterpartyLink has made a three-year, enterprise-wide agreement to provide legal entity data to Europe Arab Bank in London.
As a new, wholly-owned subsidiary of Arab Bank plc, EAB provides a niche service to a growing number of European companies and individuals wishing to transact with the MENA region.
The bank currently has offices in key European money centres, including London, Paris, Frankfurt, Madrid, Vienna and Rome. In January 2007, Standard & Poor’s Ratings Services assigned its ‘Aa’ long-term and ‘A-2’ short-term counter-party credit ratings to EAB.
“We will use CounterpartyLink as the key source of standardised legal entity reference data for our operations and in our compliance department,” says Philip Hindley, head of compliance at Europe Arab Bank. “As CounterpartyLink’s product is a high quality, and most importantly, auditable source of information, it allows us to rely on a trusted partner to collect and maintain this data, which in turn will allow us to concentrate internal resources on higher value activities.”