05 November 2012
ADCB and Banco Santander Sign Memorandum of Understanding
Abu Dhabi, 5 November 2012,Abu Dhabi Commercial Bank (ADCB) and Banco Santander, the euro zone’s largest Bank by market capitalization, have signed a memorandum of understanding on the 1st November 2012 which should allow them to provide financial solutions for clients of both the banks in countries where the Banks are not mutually present and for enhancement of business flows between the institutions.
Through this agreement, Banco Santander and ADCB will be able to provide greater services to Banco Santander’s clients in the UAE and for ADCB’s clients in overseas markets and pave the way for greater collaboration in areas such as trade and project finance, critical activities across the UAE economy.
Commenting on the agreement, Ala’a Eraiqat, ADCB’s Chief Executive Officer, said: “This agreement with Banco Santander marks only the beginning of our long term relationship. ADCB is delighted with this collaboration and is looking forward to providing comprehensive financing support to clients of both the Banks. ADCB is committed to the development of the Abu Dhabi economy and the UAE overall. Through this initiative we want to play an even greater role in bringing together domestic and international companies.”
The MOU will enable clients of both banks to benefit from two very strong financially liquid banks with large balance sheets. Each bank has deep expertise and knowledge in corporate and investment banking, trade finance and consumer banking in their respective markets.
Mr. Emilio Botin, Chairman, Banco Santander said:“I am very pleased to sign this MOU during our visit to the UAE. I am confident that the MOU signed today will open new possibilities for future collaboration and accelerate cooperation between Banco Santander and ADCB.”
Colin Fraser, Executive Vice President and Head of Wholesale Banking Group at ADCB said: "This is an exciting agreement which will help clients of both the banks trade together through the provision of combined expertise, financial strength and connectivity in the market. Banco Santander is a leading international bank with presence in key markets including Europe and Latin America and the tie up will benefit ADCB’s clients on their overseas ventures. ADCB has invested heavily in its capabilities in cash management and corporate banking and is keen to help international companies grow in the UAE market and we look forward to working with clients of Banco Santander to help them prosper here.”
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