ABS picks EDB for digital banking 30 January 2023Luxembourg Reporter: Lucy Carter
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Arab Bank (Switzerland) (ABS) has selected Apex subsidiary European Depositary Bank (EDB) to provide digital banking services to 32 bank accounts across 14 special purpose vehicles (SPVs).
The partnership contributes to ABS’ pan-European real estate strategy, a €400 million project.
EDB’s services will improve time, resource and cost efficiency, the company says, with instant access available via a secure 24/7 platform. Through a single online dashboard, ABS will be able to open multi-currency accounts and manage day-to-day transactions.
The announcement follows David Claus’ appointment as EDB CEO in June 2022.
Daniel Delechat, head of asset management at ABS, says: Apex proposed a unique digital platform, allowing us to get our [accounts] onboard in a fully digitised, streamlined manner, in less than three weeks.
“We were also impressed by their multi-currency cash sweep module to optimise our cash management, automating time deposits across leading counterparties.”
Jean-Daniel Zandona, regional head of business development at Apex, comments: “Arab Bank continues to build one of the most attractive portfolios in the logistics sector in Europe. Their recent acquisition of Banque Gonet will fuel capital raising further, demonstrating Arab Bank’s ambitions to become a top quartile real estate actor in the EMEA region. We are proud to be supporting this journey with our digital banking services.”
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