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Sunday, November 29 - 2009

DIFX appounts Abu Dhabi Commercial Bank as sub-custodian

  • United Arab Emirates: Saturday, April 22 - 2006 at 09:30
  • PRESS RELEASE

Abu Dhabi Commercial Bank (ADCB) has become the first regional bank to offer sub-custodian services on the Dubai International Financial Exchange (DIFX).

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As a sub-custodian ADCB will offer a variety of activities that will facilitate trading and custody on the exchange, notably by investors based in the United Arab Emirates and across the region.

This complements ADCB's existing ability to trade securities on the DIFX through a Direct Market Access (DMA) arrangement with a DIFX Member.

Henry Azzam, Chairman of the DIFX, commented:
"By becoming a sub-custodian, ADCB is the first Abu Dhabi-based institution to offer financial services from the exchange. We welcome its arrival and see it as a significant step forward in the creation of a highly liquid trading environment comprising both regional and international investors."


Eirwin Knox, Chief Executive Officer of ADCB, said: "The importance of our relationship with the DIFX is underlined by the rapid developments underway in the regional economy and the enormous opportunities offered by the exchange.

"ADCB has expanded its activities as one of the leading financial institutions in the region, with out local expertise complementing our international activities."

Nasser Alshaali, Chief Operations Officer of the DIFX, commented: "The DIFX is gearing up for a significant number of equity and other listings this year, including initial public offerings. We also look forward to growing involvement in the DIFX by many more Abu Dhabi-based institutions and investors."
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Notes and media contacts

About DIFX

The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.

The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority.

For further information contact:
Tim Harrison/Lavina Chatterjee OR
ASDA'A Financial
Edelman affiliate in MENA
Dubai, UAE
Tel: +971 4 361 2220

Mark Fisher
Head of Corporate Communications
Tel: +971-4-3344550
Fax: +971-4-3344556

Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433

About ADCB:

Abu Dhabi Commercial Bank - ADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking ADCB is active in the areas of treasury derivatives, infrastructure finance, private banking and wealth management.

Since 1985 ADCB has reported successive years of record profits and consistent growth. Our approach is driven by the ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCB has the second largest deposit base and total assets as at 31/12/2005 of AED 57.5 billion with 2005 net profit of AED 1,912 million.

Our strong franchise is supported by a network of 40 branches in the UAE and 2 branches in India.

The Government of Abu Dhabi, through Abu Dhabi Investment Authority (ADIA), holds 65% of the capital while the rest is held by various UAE Institutions and Nationals. ADCB's market capitalization as of 31/12/05 was AED 44 Billion (U.S. $ 12 Billion).

For more information, please visit us on www.adcb.com

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