Abu Dhabi, 19 Apr. 05 (WAM)-- Abu Dhabi Commercial Bank (ADCB)today announced a financial products joint venture with MacquarieBank Limited (MBL ).

The joint venture will bring the benefits of MBL's treasuryand commodities expertise, products, staff and resources toADCB's extensive banking franchise throughout the GCC.

This financial joint venture has been structured to provideappropriate solutions to defence contractors who have significantoffset obligations in UAE.

"We are pleased to be part of this new concept, being introducedfor the first time in the UAE. The launch of the joint ventureunder the UAE Offsets Programme (UOG) signifies the role beingplayed by the UOG in allowing broader participation by the privatesector in the country's economic development," says MohamedSaif Al Mazrouei, Chief Executive Officer of UOG.

"The combination of ADBC's extensive banking franchise andMBL's expertise will be a significant boost for the capabilityof Gulf companies in managing their currency and commoditiesstrategies and risks. We look forward to introducing our clientsto the new services - both in the UAE and beyond," says SaeedMubarak Al Hajeri, Chairman of ADCB.

"The needs of our clients are constantly changing and evolving,"added Eirvin Knox, CEO, ADCB. "The joint venture with MBL,which provides access not only to systems but to expertise anda sophisticated product range, will put our clients at the cuttingedge of treasury and commodities risk management." Ben Preston, MBL Executive Director responsible for the jointventure, said this was an exciting initiative for MBL, and representsa significant undertaking in the UAE.

"The joint agreement will enable us to share our substantialinternational treasury and commodities expertise with ADCBand its corporate clients to meet their increasing need forsophisticated risk management products and solutions. ADCBis well established and has a valuable franchise in the Gulfregion. We are very excited to be partnering with ADCB atthis exciting phase in its development," said Mr Preston.