SGSS mandated by QNB Alahli 03 June 2015Egypt Reporter: Stephen Durham
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Societe Generale Securities Services (SGSS) has signed a cooperation agreement with Qatar National Bank Alahli (QNB Alahli) to provide securities services to international institutional investors and corporates in Egypt.
The services provided through the agreement will span the whole post-trade value-chain.
As part of its strategy to develop its overall securities services offer to the increasing number of international investors and corporate present in the country, QNB Alahli is combining its local expertise and knowledge of the Egyptian market with SGSS’s commercial support, operational management and extensive international coverage.
As a result of this agreement, both domestic and international investors in Egypt will benefit from a full range of post-trade services fully compliant with local and international industry regulations and standards.
These services include local and global custody, clearing and settlement services across all asset classes, depositary bank, transfer agent and issuer services, as well as cash management, foreign exchange and securities lending.
“Cooperating with QNB Alahli is an important step in bringing enhanced services to clients by offering them global coverage and direct access to a leading local securities services provider,” explained Philippe Huerre, head of SGSS’s international department.
“Egypt is one of the largest economies in the Middle East and North Africa region and foreign players are increasingly interested in accessing this and other markets in the area. The combined strengths of QNB Alahli and SGSS will enable clients to benefit from strong asset protection and in-depth local market knowledge for the support of their operations and development in Egypt.”
Mohamed El Dib, QNB Alahli chairman and managing director, stated: “This partnership with SGSS builds on a long-term relationship between QNB Alahli, a leading market player with more than 37 years in Egypt, and SGSS, one of the top global custodians worldwide.”
“This cooperation agreement will foster and contribute to developing our securities services in Egypt for the benefit of both local and international customers.”
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