FAB and Bahrain Clear sign a Depository Agent (Custodian) Agreement
Abu Dhabi, 12 May 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, recently signed a Depository Agent (Custodian) Agreement with Bahrain Clear to offer custody services at Bahrain Bourse to regional and international investors. The agreement is in line with Bahrain Clear’s efforts to enhance post-trade services and expand outreach to regional and global investors. There are currently five securities custodians admitted by Bahrain Clear to act in the market, four of which are global custodians, following the registration of FAB.
According to the agreement, FAB will provide custody, issuer and transfer agent services, fund administration and other related banking services to its regional and international clients.
Abdulla Jaffar Abdin, Senior Director of Operations at Bahrain Clear, said: “We are delighted to have First Abu Dhabi Bank on board as a custodian, which will provide their regional and international investor-base with access to Bahrain’s capital market. We look forward to working closely with FAB’s Securities Services team for post-trade services to deliver creative custody solutions to their global client-base.”
Kashif Darr, Managing Director and Head of Securities Services at FAB, said: “FAB is expanding its regional direct custody footprint. With 50 years of presence, we are uniquely positioned to help our clients navigate the region. We are delighted to add the Kingdom of Bahrain to our proprietary custody network and look forward to contributing to the success of Bahrain Clear.”
Bahrain Clear is a fully-owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Bahraini Dinars, and a paid-up capital of 1 million Bahraini Dinars. Bahrain Clear is licensed by the Central Bank of Bahrain as a ‘Clearing House and Central Depository’ offering post-trade services to investors. Its service offering includes securities, transactions, depository, clearing, settlement, central registry and registration.