Abu Dhabi bank takes care of NASDAQ 31 May 2013Abu Dhabi Reporter: Georgina Lavers
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The National Bank of Abu Dhabi (NBAD) has become a direct custodian for NASDAQ-Dubai, providing custody services for all three United Arab Emirates stock markets.
NBAD is the first licensed custodian bank and the only banking institution originating from the UAE that is licensed by the Emirates Securities & Commodities Authority to be a custodian.
It stated in a release that it will continue to expand its direct custody proprietary network to meet the growing needs of clients.
“By being a direct custodian for NASDAQ-Dubai, NBAD is directly covering the three markets of the UAE in addition to our regional and international coverage through sub-custodians, ” said Hany Samir, head of NBAD custody.
“NBAD continues to advance its ability to meet the requirements of sophisticated domestic and international investors and put a solid stamp to our product development evolution.”
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