The Abu Dhabi Global Market (ADGM) has welcomed The Bank of New York Mellon Corporation (BNY), a global financial services company, after it announced on Wednesday that it can now offer a wider array of its products and services to clients within the ADGM. This expansion is made possible by the category 4 licence granted by the Financial Services Regulatory Authority (FSRA). The enhanced services will cover arranging custody, acting as administrator of collective investment funds (including fund accounting and transfer agency services), arranging credit, and arranging deals in investments.
“We are thrilled to expand our footprint in Abu Dhabi,” said Hani Kablawi, head of international at BNY. “BNY’s extensive experience in the financial lifecycle, providing platforms, infrastructure, and solutions, aids clients in adapting to the rapidly changing operational requirements, thereby driving their growth in the Middle East.” BNY has been a part of the UAE’s financial landscape for over 26 years, having established its first office in Abu Dhabi in 1998.
“Our long-standing and expanding presence in the UAE has allowed us to collaborate with top financial institutions and offer comprehensive services to meet their needs,” stated Ameer Toma, senior executive officer for Abu Dhabi at BNY. “By blending an innovative approach with our local knowledge, we are able to develop new solutions and services tailored to our clients’ requirements. We are eager to introduce more of our globally recognized capabilities within the ADGM.” BNY’s strategy includes building local capabilities in the region and supporting the growth of the Gulf Cooperation Council’s capital markets.
“We congratulate BNY on attaining the category 4 license,” said Arvind Ramamurthy, chief of market development at ADGM. “This achievement underscores BNY’s dedication to broadening its operations in Abu Dhabi and the UAE. Their increased presence and expanded service offerings will significantly bolster Abu Dhabi’s position as a premier financial hub and foster innovation and growth in the capital markets. We look forward to supporting BNY in their ongoing success and contribution to the region’s financial sector.”
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