Dubai Financial Market (DFM) announced today that it has signed a Depository Participant Agreement with Standard Chartered. With this agreement in place, the Bank can now offer custody services to local and international investors.
The signing ceremony was attended by Essa Kazim, Chairman of DFM and Nigel Jones, Chief Executive Officer for Standard Chartered in the UAE.
Commenting on the agreement, Essa Kazim said: “DFM is committed to expanding and improving the quality of services offered to the investor community. This agreement is in line with DFM’s long-term strategy to offer best in class services ensuring that the products and services provided meet the growing demands of the global investors.”
He further added: “We are delighted to sign this agreement to enhance our services to all segments of investors including individuals and institutions across the world. Standard Chartered compliments the existing custody services that DFM started offering lately through financial institutions. We look forward to further expanding these services in the future.”
Nigel Jones, Chief Executive Officer for Standard Chartered in the UAE added: “In line with growing demand in the UAE, we have formed a strategic partnership with DFM to enhance our expanding Securities services network.”
“Custody Services is an integral part of Securities Services, Transaction Banking and is a core business of Standard Chartered. The investments allow us to expand our product capabilities and service delivery models across these markets.”
“Among our client base are some of the world’s largest global custodians, broker-dealers, fund managers and institutional investors. We provide these services through several primary Sales and Client Relationship globally including China, Hong Kong, India, Japan, UAE, UK and USA”.
Standard Chartered’s securities services and custody network extends across 17 markets and it has met the needs of securities industry participants’ in the Greater Asia region for over 150 years, serving a discerning client base that comprises leading North American, European and Asian institutions. This agreement paves the way for an expanded coverage by Standard Chartered across the UAE in securities services.
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