National Bank of Abu Dhabi and Abu Dhabi Securities Market sign custody agreement

"This agreement comes to confirm NBAD's commitment to provide best and wide range of banking solutions and products to our esteemed customers," said Mr. Saif Al Shehhi, Senior General Manager, NBAD's Domestic Banking Division. "It also represents a part of NBAD initiatives to provide our customers with more investment products as we strive to play a significant role in the development of UAE financial markets," he added.

"The fact that we are the first national bank in the UAE to provide custody services to local and international investors illustrates our progressive mentality in adopting advanced services to better serve the customers and strengthen our status as the number one bank in the UAE," Al Shehhi explained.

"Since it inception in 1968, NBAD has been at the forefront of providing innovative banking products and services to meet expectations of our customers and strengthen the economic and social development of UAE," he concluded.

"At ADSM, we are always keen to expand and improve the quality of services offered to the investor community and to keep pace with international standards," said Mr. Tom Healy, ADSM's Director General.

"This agreement with NBAD is in line with ADSM's strategy to offer best services to ensure that the products and services provided meet the growing demands of the local and international investors" Mr. Healy added.

"This is the first step to provide custody services to NBAD's customers and investors" Said Mr. Majd Maaitah, Senior Manager, Securities Services Department, NBAD.

"NBAD and ADSM are working to finalize the necessary procedures to launch these services to all segments of investors including individuals and institutions and we expect this to be done in three months" Mr. Maaitah explained.

He further added: "Today, NBAD provide registrar services to more than 20 listed companies in addition to NBAD Lead Services in arranging IPOs and other securities services."

"Providing custody services to all segments of investors will enhance NBAD's asset management services as well as attract more foreign investments," Mr. Nazem Al Kudsi, Chief Investment Officer, Asset Management Group, NBAD said.

"NBAD's asset management group has developed its services and our newly formed team was able to put some outstanding performance numbers together in 2007 and we are looking forward to launch very exciting funds in 2008," Mr. Al Kudsi concluded.

Officials attending the signing ceremony at NBAD's head office in from NBAD were Mr. Saif Al Shehhi, Senior General Manager, NBAD's Domestic Banking Division, Mr. Abdulla bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy General Manager of Domestic Banking Department, NBAD, Mr. Khaled Abdelrahman, General Manger, Abu Dhabi Financial services, Mr. Stuart Henrickson, General Manager - Investment Banking Group, Mr. Majd Maaitah, Senior Manager, Securities Services Department, NBAD and other official from NBAD.
Officials attending the signing ceremony from ADSM were Mr. Tom Healy, ADSM's Director General and Mr. Hamad al Ali, Head of Clearing, Settlement Depository and Registry Dept.