Bahrain Clear, FAB sign depository agent deal

TDT | Manama

Bahrain Clear yesterday announced signing a Depository Agent (Custodian) Agreement with First Abu Dhabi Bank (FAB) to offer custody services at Bahrain Bourse to regional and international investors.

There are now six securities custodians registered by Bahrain Clear to act in the market, four of which are global custodians. First Abu Dhabi Bank is the UAE’s largest bank and strongest financial institution in the Middle East.

On this occasion, Abdulla Jaffar Abdin, Senior Director of Operations at Bahrain Clear commented stating: “We look forward to working closely with First Abu Dhabi Bank’s Securities Services in terms of post-trade services to deliver creative custody solutions to their respective international clients.”

“We are delighted to add the Kingdom of Bahrain in our proprietary custody network and we look forward to contributing to the success of Bahrain Clear,” commented Francis Dassou, Managing Director - Securities Services at First Abu Dhabi Bank.

It is worth noting that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Bahraini Dinars and a paid-up capital of 1 million Bahraini Dinars.

Bahrain Clear is licensed by the Central Bank of Bahrain as a ‘Clearing House and Central Depository’ offering post-trade services to investors. Bahrain Clear’s service offering includes related services of securities transactions depository, clearing, settlement, central registry and registration.