HSBC has added Abu Dhabi as the 12th Middle East Stock Exchange to its global Custody and Clearing network. HSBC is now the only international bank in the Middle East providing sub-custody services to all stock exchanges in the Gulf Co-operation Council (GCC) countries.
“The Abu Dhabi Securities Market (ADSM) was the only Stock Exchange in the Gulf where HSBC did not have a sub-custody presence,” says James Hogan, the Global Head of Custody and Clearing at HSBC Securities Services. “This latest addition to HSBC’s network further demonstrates our commitment to the sub-custody business in the Middle East and affirms our obligation to our clients, who are seeing increasing interest in this market.”
“We are delighted that we had the opportunity to work closely with the ADSM and to have their support to evolve a framework for custodian functions suitable for regional and international institutional investors in the ADSM,” adds Arindam Das, a Senior Vice President of the Middle East at HSBC Securities Services. “We are confident that our clients will benefit from the consistent service, superior IT interface, and best practices from the 37 markets across our award-winning global Custody and Clearing network.”