DFM and Deutsche Bank sign custody agreement

The agreement will enable Deutsche Bank to provide custody of DFM-listed securities to institutional and international clients, thus helping to broaden the Market's investor base.

With the signing of this agreement, Deutsche Bank is now able to offer custody services across the UAE's on-shore and off-shore exchanges.

The signing ceremony was attended by Essa Kazim, Chairman of DFM and Henry Azzam, Deutsche Bank's Chief Executive Officer for the Middle East and North Africa.

Commenting on the agreement, Kazim said:"Depository Participant services are an essential element in the process of securities investment, and we are keen to constantly keep abreast of the different segments of investor's needs. DFM seeks to provide more options for investors via a set of the best local and global banking institutions, and will work continuously to strengthen these services through cooperation with more prestigious banks."

Azzam said: "We are extremely pleased to be able to extend our custody services to the DFM.

With the signing of this agreement, Deutsche Bank currently offers custody services across all of the UAE's capital markets, making us one of a very small number of financial institutions to offer regional and international institutional clients such access across all exchanges in both the debt and equity markets."

By acting as a depository participant Deutsche Bank will be able to offer custodial services in the market for DFM-listed securities.

These services include, but are not limited to: account management, protection of client assets, settlement of securities activity, handling post trade issues, collection and payment of dividends and interest, and the processing of corporate action activities in the market.

Kazim added: "The upgrading of the quality of services provided in the market demonstrates a firm and sustained commitment from DFM.

This agreement with Deutsche Bank comes in order to complement the pioneering role of DFM in this financial sector and embodies the DFM's strategy of providing the best services and products that meet the evolving and expanding needs of investors."

Dubai Financial Market, the first regional bourse to be converted into a public joint stock company, continues to upgrade the quality of services provided to investors through cooperation with a wide range of world-renowned financial institutions.

Through the signing of the DPA, Deutsche Bank joins three leading financial institutions that have already signed similar agreements with DFM to provide sophisticated depository participant services to local, regional and global investors.