This announcement marks the connection of Calastone’s first UAE client and further expansion into the Middle East, which it has earmarked as a globally significant region in providing both inward and outward distribution for its customers.
Julien Hammerson, CEO at Calastone, said: “It is a testimony to our standing in the market that NBAD have chosen to transact [its] orders over Calastone’s global network and we look forward to helping the bank reap the significant operational cost and risk reduction benefits that transaction automation can deliver and offer yet further international distribution.”
Saleem Khokhar, executive director and head of fund management and equities at NBAD, added: “As a top-tier financial institution, we are continually striving to offer our customers access to a range of financial products and services designed to suit their investment requirements.”
“Highly efficient and effective distribution and processing are key elements in providing excellent customer service, and we believe that being connected to Calastone’s global network will further help us achieve these important objectives.”
NBAD was Abu Dhabi’s first local bank and played a pioneering role in building the country’s financial system. Today, NBAD has one of the largest networks of branches and offices domestically in the UAE, and international offices in 18 countries.