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First Abu Dhabi Bank, Bahrain Clear sign custody deal

First Abu Dhabi Bank, Bahrain Clear sign custody deal

First Abu Dhabi Bank has signed a depository agent agreement with Bahrain Clear to offer custody services at the Bahrain Bourse. 

In addition, FAB will also provide issuer and transfer agent services, fund administration, and other related banking services to regional and international clients.

There are currently five securities custodians admitted by Bahrain Clear to act in the market, four of which are global custodians.

Kashif Darr, managing director and head of securities services said FAB is currently expanding its regional direct custody footprint. ‘We are uniquely positioned to help our clients navigate the region,’ he said.

Bahrain Clear is a fully-owned subsidiary of Bahrain Bourse with a disclosed capital of BD 5m ($13.2m), and a paid-up capital of BD 1m ($2.6m).

Bahrain Clear offers post-trade services to investors, including securities, transactions, depository, clearing, settlement, central registry and registration.