(MENAFN- Khaleej Times) Collaboration leverages BNY Mellon's global capabilities with Emirates NBD's regional expertise and deep footprint in the UAE market. Akash Shah, Chief Growth Officer at BNY Mellon and Ahmed Al Qassim, Group Head, Corporate and Institutional Banking at Emirates NBD. — Supplied photo by A Staff Reporter
Published: Wed 6 Jul 2022, 12:09 AM
Last updated: Wed 6 Jul 2022, 12:13 AM
BNY Mellon, one of the world's largest financial institutions, and Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, have announced a strategic alliance aimed at accelerating the growth of United Arab Emirates' (UAE) capital markets.
The collaboration unites BNY Mellon's global footprint with Emirates NBD's regional expertise to provide clients, across the UAE and globally, access to world-leading capital markets infrastructure and technology.
Robin Vince, CEO-elect of BNY Mellon, said,“BNY Mellon is proud to continue to build on our rich decades-long history in the Middle East and play an important role in enhancing the region's vibrant market infrastructure with Emirates NBD, one of the UAE's leading financial institutions. We look forward to collaborating to further our vision of trust and innovation in the Middle East.”
Shayne Nelson, Group CEO of Emirates NBD, said,“Our strategic collaboration comes at a pivotal time of transformation in the UAE's capital markets and is testament to Emirates NBD's ongoing commitment to enhancing local market infrastructure. The alliance brings Emirates NBD's on-ground strengths, reach and long-standing reputation as a trusted financial services partner to individuals and businesses in the UAE together with BNY Mellon's global expertise as the world's largest custodian to create a win-win proposition for regional and overseas investors alike.”
BNY Mellon and Emirates NBD will work together to increase international investor access to the UAE's dynamic market through digitization. The UAE is currently experiencing an expansion of capital markets with multiple new listings and significant increase in market liquidity on both Dubai Financial Market and Abu Dhabi Securities Exchange.
Akash Shah, Chief Growth Officer at BNY Mellon, said,“Emirates NBD's regional excellence together with our global expertise will transform our collective client experience. It comes at an opportune moment, with a number of local champions coming to market through the UAE's IPO boom. Together, we will help create the infrastructure to capture long-term value from the UAE's financial ecosystem, increase operational efficiencies and investor access.”
Ahmed Al Qassim, Group Head, Corporate and Institutional Banking at Emirates NBD, said,“We are delighted to begin this strategic alliance, which will significantly enhance our proposition to UAE investors by enabling seamless global market access. In addition, overseas investors can now tap into the exciting opportunities created by UAE's upcoming IPOs, strengthening the investor base and liquidity in the local bourse.”
BNY Mellon works with a wide range of sovereign wealth funds, financial institutions, governments, and other clients throughout the region, offering asset servicing and ancillary services, corporate trust and treasury services.
Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.
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