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FAB signs custodian agreement with Muscat Clearing, Depository

FAB signs custodian agreement with Muscat Clearing, Depository
FAB will enable MCD to enhance post-trade solutions
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Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has inked a service level agreement with Muscat Clearing and Depository (MCD) in the Sultanate of Oman to become its direct custodian member.

FAB will enable MCD to enhance post-trade solutions to minimise risks, improve operating efficiency, and reduce costs, according to a press release on Sunday.

The Emirati bank is the third international custodian of the securities depositary linked to Muscat Securities Market (MSM).

The General Manager at MCD, Haitham Al Salmi, said: "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."

The Managing Director & Head of Securities Services of FAB, Kashif Darr, remarked: "Oman is a key part of FAB’s leading regional direct custody platform, which currently spans the UAE, Saudi Arabia, Bahrain, and Lebanon and will incorporate Kuwait and Egypt in early 2021."