BNY increases offer in Abu Dhabi Global Market 21 November 2024UAE Reporter: Daniel Tison
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The Bank of New York Mellon Corporation (BNY) has received a category 4 licence from the Financial Services Regulatory Authority, allowing it to offer a broader range of its products and services to clients within the Abu Dhabi Global Market (ADGM).
This increased offer will include arranging custody, acting as administrator of collective investment funds, as well as arranging credit and deals in investments.
“We have a long-established and growing presence in the United Arab Emirates (UAE), collaborating with leading financial players and providing end-to-end services to support their needs,” says Ameer Toma, senior executive officer for Abu Dhabi at BNY.
Since opening its first Abu Dhabi office in 1998, BNY has provided access to global markets by building local capabilities in the UAE and supporting the development of the Gulf Cooperation Council’s capital markets landscape.
Hani Kablawi, head of international at BNY, adds: “BNY’s experience across the financial lifecycle providing platforms, infrastructure, and solutions helps clients navigate the fast-evolving operating requirements to drive their growth in the Middle East.”
Established in 2013, the ADGM is an international financial centre and free zone located on Al Maryah Island in Abu Dhabi.
Category 4 financial licence allows companies to engage in a range of financial activities, which includes fund administration, insurance management, and trust services.
Arvind Ramamurthy, chief of market development at ADGM, congratulated BNY on achieving the licence, adding: “This significant milestone highlights BNY’s commitment to expanding their operations within Abu Dhabi and the UAE.
“Their enhanced presence and broadened scope of services will significantly contribute to Abu Dhabi’s status as a major financial hub, and drive innovation and growth within the capital markets.”
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