Abu Dhabi Commercial Bank (ADCB) and Bank of America Merrill Lynch have made a strategic relationship in the United Arab Emirates (UAE), allowing Bank of America Merrill Lynch clients requiring services in the region access to the capabilities provided by ADCB and for ADCB clients to access Bank of America Merrill Lynchs global network of corporate banking and cash management capabilities.
At the core of the relationship is the establishment of a steering committee, comprising senior bankers from both organizations. This group is tasked with developing global working relationships and sharing opportunities.
Today is an important day for the UAE banking sector, says Alaa Eraiqat, CEO and ADCB board member. It brings together our banks extensive network in the UAE, our product suite and service excellence with the global reach of Bank of America Merrill Lynch a truly win-win partnership. We look forward to working with Bank of America Merrill Lynch to provide their valued clients with world-class products and services.
ADCB is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010. It offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.
At Bank of America Merrill Lynch, we are investing in bringing the right capabilities to our clients through our own global network or through relationships with best-in-class local banks, says Joel Van Dusen, global head of corporate banking coverage at Bank of America Merrill Lynch. Abu Dhabi Commercial Bank has demonstrated the highest standards in world-class banking services and products. We are delighted to offer our global clients access to their footprint, range of products and service standards.