First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s biggest financial institutions, announced that it has been granted Oman Capital Market Authority (CMA) custody licence and the bank has signed a service level agreement with Muscat Clearing and Depository Company (MCD).
FAB has become a direct custodian member of MCD in Oman, the UAE-based bank said in a press statement.
FAB is the third international custodian of the securities depository linked to the Muscat Securities Market (MSM). It will contribute to MCD’s mission to promote post-trade solutions that systematically reduce risks, enhance operating efficiency and minimise cost.
Haitham al Salmi, general manager at Muscat Clearing and Depository, said, “We are delighted to welcome First Abu Dhabi Bank as custodian of the MCD. We look forward to collaborating with the FAB team to introduce further post-trade enhancements and provide their regional and international client-base with access to Oman’s capital markets.”
Kashif Darr, managing director and head of securities services at FAB, said, “FAB is proud to build on its long heritage in Oman, stretching back almost 50 years, with the addition of direct custodian membership of the MCD. We look forward to bringing our differentiated brand of securities services – led by next generation technology and a dedicated client focus – to both domestic institutional investors in Oman and to international investors.”