First Abu Dhabi Bank and State Street Announce Strategic Alliance
July 12 2021 - 8:30AM
Business Wire
New Service Model Designed Specifically for Institutional
Investors in the Middle East and North Africa
First Abu Dhabi Bank PJSC (FAB) and State Street Corporation
(NYSE:STT) today announced a new strategic alliance that leverages
FAB’s regional securities services expertise, incorporating the
largest direct custody network in the Middle East and North Africa
(MENA), and State Street’s global strength and capabilities.
The alliance will create a full-service enterprise offering for
institutional investors in the region. It will provide MENA
investors with extensive reach into more than 100 markets around
the world, an unrivalled product range servicing all major listed
and unlisted asset classes, delivered by in-country client service
teams in the UAE, Saudi Arabia, Kuwait, Oman, Bahrain and
Egypt.
Clients will have access to State Street’s full suite of front,
middle and back office capabilities, in addition to its extensive
data management and analytics solutions, which seamlessly integrate
with FAB’s regionalised suite of securities services products,
local expertise and regional direct custody network.
Hana Al Rostamani, Group Chief Executive Officer of FAB,
commented: “The Middle East investment landscape is distinctive
with some of world’s largest sovereign wealth funds alongside a
diverse range of private investment institutions. These investors
require access to sophisticated investment tools and solutions
across both their MENA and global investments. The alliance between
FAB and State Street creates a unique platform, delivering leading
capabilities across the entire investment value chain that cater
for the characteristics of regional and global investments. We are
excited to showcase how this will elevate investment servicing in
the region.”
Ron O’Hanley, Chairman and Chief Executive Officer of State
Street, commented, “This partnership between FAB and State
Street presents a unique proposition for MENA investors and those
who invest in the region. Clients are looking for financially
secure and operationally resilient partners who can manage the
non-core elements of their business, helping to deliver operational
efficiencies, reduce costs, mitigate risks and navigate complex
regulation. They also desire to access global best practices and
scale and a partner who understands the local challenges and
constraints they face, and one who has the flexibility to
seamlessly adapt to these changes. By leveraging the best of both
global and regional expertise offered by the collaboration of our
two organisations, we will provide a truly customised and flexible
service model that proactively drives innovative solutions to meet
our clients’ needs.”
About First Abu Dhabi Bank (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and
safest financial institutions. FAB’s vision is to create value for
its employees, customers, shareholders and communities to grow
stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network
spans five continents, providing global relationships, expertise
and financial strength to support local, regional and international
businesses seeking to do business at home and abroad. FAB is a
trusted adviser and regional partner to major institutions,
emerging companies and individuals seeking to do business in the
UAE, the MENA region and beyond. As an engine of growth for the
region, it helps customers to thrive and grow stronger by managing
risk, providing access to capital and facilitating trade flows
across developed and emerging markets.
With total assets of AED 941 Billion (USD 256 Billion) as of
March-end 2021, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and
Fitch, respectively, the strongest combined ratings of any bank in
the MENA region. The Bank has been ranked by Global Finance as the
Safest Bank in the UAE and the Middle East, and the 32nd Safest
Bank globally. The Banker’s Top 1000 World Banks 2020 list,
measured by Tier 1 capital, ranked FAB as number one in the UAE,
second in the Middle East and #85 across the globe - in addition to
ranking the bank #109 by assets in the same list. FAB is also a
regional sustainability leader, and a constituent of MSCI ESG
Leaders and FTSE4Good EM indices.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $40.3 trillion in assets
under custody and/or administration and $3.6 trillion* in assets
under management as of March 31, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management as of March 31, 2021 includes
approximately $60 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2021 State Street Corporation - All Rights Reserved
3666347.1.1.AM.INST
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Ed Patterson epatterson@statestreet.com +1 404 213 3106
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