The Banking Executive Magazine - July Issue 2021

First Abu Dhabi Bank First Abu Dhabi Bank and State Street ANNOUNCE STRATEGIC ALLIANCE First Abu Dhabi Bank PJSC (FAB) and State Street Corporation (NYSE:STT) today announced a new strategic al- liance that leverages FAB’s regional securities services expertise, incorpo- rating the largest direct custody net- work 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 in- vestors 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 re- gionalised suite of securities services products, local expertise and re- gional direct custody network. Hana Al Rostamani, Group Chief Ex- ecutive Officer of FAB, commented: “The Middle East investment land- scape is distinctive with some of world’s largest sovereign wealth funds alongside a diverse range of private investment institutions. These investors require access to sophisti- cated investment tools and solutions across both their MENA and global investments. The alliance between FAB and State Street creates a unique platform, delivering leading capabil- ities across the entire investment value chain that cater for the charac- teristics of regional and global invest- ments. 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 be- tween FAB and State Street presents a unique proposition for MENA in- vestors and those who invest in the region. Clients are looking for finan- cially secure and operationally re- silient partners who can manage the non-core elements of their business, helping to deliver operational effi- ciencies, 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 chal- lenges and constraints they face, and one who has the flexibility to seam- lessly adapt to these changes. By leveraging the best of both global and regional expertise offered by the collaboration of our two organisa- tions, we will provide a truly cus- tomised and flexible service model that proactively drives innovative so- lutions to meet our clients’ needs.” ISSUE 151 JULY 2021 the BANKING EXECUTIVE 45