First Abu Dhabi Bank (FAB) has signed a depositary agent agreement with Bahrain Clear that will enable it to provide custody services at the Bahrain Bourse to local and international investors.
In addition to custody, FAB will also offer fund administration, issuer and transfer agency services.
The arrangement is part of an effort by Bahrain Clear, the exchange’s central securities depositary, to bolster the post-trade services on offer at the exchange in order to attract more global investors.
FAB, the largest bank in the UAE, will become the fifth custodian admitted by Bahrain Clear but is the only regional player alongside four global custodians.
Kashif Darr, managing director and head of securities services at FAB, said that the bank was “expanding its regional direct custody footprint” and was “delighted to add the Kingdom of Bahrain to our proprietary custody network”.
© 2020 funds global mena