Abu Dhabi Commercial Bank (ADCB) and Banco Santander, Europe’s largest Bank by market capitalisation, signed a partnership agreement to provide integrated comprehensive financing solutions for their clients in countries where the Banks are not mutually present and for enhancement of business flows between the institutions.
Through this partnership Banco Santander and ADCB will be able to foster a strategic alliance 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 mutual collaboration in enhancing inter-linkages between the two institutions, in areas such as trade and project finance.
Ala’a Eraiqat, ADCB’s CEO said: “This partnership agreement with Banco Santander marks only the beginning of our long term partnership together. 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.
Emilio Botin, Chairman, Banco Santander said: “I am very pleased to sign this MoU during our visit to the UAE. With banks in the ME emerging as important sources of financing for global clients, we recognise that there is an increasing need for stronger collaboration with strong financial institutions in the region.”