ABU DHABI Nov 4 The UAE's Abu Dhabi Commercial
Bank and Europe's largest lender by market
capitalization, Banco Santander, have agreed to
cooperate in trade and project finance as the Spanish bank
broadens its reach in the Gulf.
The two banks signed a partnership agreement that will draw
together their expertise in investment banking, trade finance
and consumer banking in their respective markets, a statement
from ADCB said on Sunday.
"With banks in the Middle East emerging as important sources
of financing for global clients, we recognize that there is an
increasing need for stronger collaboration with strong financial
institutions in the region," Emilio Botin, chairman of Banco
Santander said in the statement.
"This is an exciting alliance which will help clients of
both the banks trade together through the provision of combined
expertise, financial strength and connectivity in the market,"
said Colin Fraser, executive vice president and head of
wholesale banking group at ADCB.
ADCB, a majority state-owned bank and listed on the Abu
Dhabi Securities Exchange, last week posted a 3 per
cent decline in third quarter profit.
The lender is heavily focused on the domestic market with
two branches in India.
(Reporting by Stanley Carvalho, editing by Sanjeev Miglani)