Abu Dhabi:First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has become a direct custodian member of Muscat Clearing and Depository (MCD) in the Sultanate of Oman.
FAB is the third international custodian of the securities depositary linked to the country’s stock exchange, Muscat Securities Market (MSM). It will contribute to MCD’s mission to promote post-trade solutions that systematically reduce risks, enhance operating efficiency and minimise cost.
Haitham Al Salmi, General Manager at Muscat Clearing and Depository, said: “We are delighted to welcome First Abu Dhabi Bank as custodian of the MCD. We look forward to collaborating with the FAB team to introduce further post-trade enhancements and provide their regional and international client-base with access to Oman’s capital markets.”
Kashif Darr, Managing Director & Head of Securities Services, FAB, said: “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. 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. Oman is a key part of FAB’s leading regional direct custody platform, which currently spans the UAE, Saudi Arabia, Bahrain and Lebanon and will incorporate Kuwait and Egypt in early 2021.”
About Muscat Clearing & Depository (SAOC) Company
Muscat Clearing & Depository (SAOC) Company has been established according to the Royal Decree no. 82/98 issued in November, 25, 1998 requiring the establishment of Muscat Depository, Securities Registration and define its terms of reference, in terms of actual operations began on February 1, 1999, It is an Omani closed joint – stock company and its issued capital (5 million OMR), Since MSM owns 60% of the company capital, investment as well as brokerage companies and the banks own 40%.
For further information, visit: https://www.mcd.gov.om
About First Abu Dhabi Bank (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
FAB continuously anticipates evolving requirements, develops innovative solutions and moves in tandem with customers to offer an extensive range of tailor-made products via its market-leading Corporate and Investment Banking (CIB) and Personal Banking Group (PBG) franchises.
Aligned to the Abu Dhabi Economic Vision, inspired by global standards and guided by the expectations of stakeholders, FAB takes a leading role in fostering development and driving change towards a more sustainable future. FAB sees beyond traditional banking and embraces a challenger mindset. Its ambition is to contribute to social and human development which creates a dynamic, inclusive and tolerant society.
With total assets of AED 955 Billion (USD 260 Billion) as of September-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE,
second in the Middle East and #85 across the globe - in addition to ranking the bank #109 by assets in the same list. FAB is also a regional sustainability leader, and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com , or https://www.growstronger.com/ Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.
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© Press Release 2021