First Abu Dhabi Bank (FAB) has become a direct custodian member of Muscat Clearing and Depositary (MCD) in the Sultanate of Oman.
The move is the latest in FAB’s efforts to become the local custodian of choice for investors to access the Middle East region’s emerging and frontier markets.
FAB is the third international custodian of the securities depositary linked to the country’s stock exchange, the Muscat Securities Markets (MSM), and will contribute to MCD’s mission to promote post-trade solutions.
“FAB is proud to build on its long heritage in Oman, stretching back almost 50 years, with the addition of direct custodian membership of the MCD,” said Kashif Darr, managing director and head of securities services, FAB.
“We look forward to bringing our differentiated brand of securities services – led by next generation technology and a dedicated client focus – to both domestic institutional investors in Oman and to international investors.”
FAB stated Oman is a key part of the bank’s regional direct custody platform, which currently spans the UAE, Saudi Arabia, Bahrain and Lebanon, and will incorporate Kuwait and Egypt in early 2021.
In May last year, FAB became a member of the Bahrain clearing house and central securities depositary (CSD), Bahrain Clear, enabling it to provide custody, transfer agency and fund administration services to its regional and international clients.
It was then appointed by UAE-based SHUAA Capital, one of the region’s largest asset manager and investment bank, to provide global custody services for SHUAA GMC’s newly–launched Abu Dhabi Global Market (ADGM) funds.