HSBC is pleased to announce the addition of Abu Dhabi as the 12th Middle East Stock Exchange to its global Custody and Clearing network.
HSBC is now the only international bank in the Middle East providing sub-custody services to all stock exchanges in the Gulf Co-operation Council (GCC) countries.
James Hogan, Global Head of Custody and Clearing, HSBC Securities Services, said: "The Abu Dhabi Securities Market (ADSM) was the only Stock Exchange in the Gulf where HSBC did not have a sub-custody presence. This latest addition to HSBC's network further demonstrates our commitment to the sub-custody business in the Middle East and affirms our obligation to our clients, who are seeing increasing interest in this market."
Arindam Das, Senior Vice President Middle East, HSBC Securities Services, added: "We are delighted that we had the opportunity to work closely with the ADSM and to have their support to evolve a framework for custodian functions suitable for regional and international institutional investors in the ADSM. We are confident that our clients will benefit from the consistent service, superior IT interface, and best practices from the 37 markets across our award-winning global Custody and Clearing network."
ADSM, the largest securities exchange in the United Arab Emirates (UAE) with market capitalisation of over $80 billion, was established in 2000 to lead development of the local capital market. The agreement with HSBC will encourage and facilitate more international investments in the UAE.