BNP Paribas establishes new branch at Abu Dhabi Global Market
Source: ADGM , Author: Posted by BI-ME staff
Posted: Sat February 10, 2018 2:52 pm

UAE. His Highness Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court, and His Excellency Edouard Philippe, the Prime Minister of the Republic of France, today attended the event held by Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, to welcome BNP Paribas Group, one of the world’s largest international banks, in establishing its branch within the ADGM jurisdiction. 

This development was announced during an event held at the ADGM Authorities Building on Al Maryah Island in Abu Dhabi. The event was hosted jointly by His Excellency Ahmed Al Sayegh, Chairman of ADGM and Mr. Jean Lemierre, Chairman of BNP Paribas Group; and it was attended by more than 200 industry leaders and corporate clients.

BNP Paribas received the Financial Services licence from the Financial Services Regulatory Authority (FSRA) of ADGM to conduct regulated activities and provide services to its clients.

H.E. Ahmed Al Sayegh, Chairman of ADGM said, “We extend our sincere congratulations to BNP Paribas Group and welcome them to ADGM. I would like to thank His Highness Sheikh Hamed bin Zayed Al Nahyan and His Excellency Edouard Philippe for their presence and witnessing this occasion with us.  We greatly value BNP Paribas’ long-standing commitment to Abu Dhabi and the UAE.”

“The new BNP Paribas branch signals a significant step in the development of ADGM as an international financial centre. We look forward to growing together with BNP Paribas and catering to the dynamic needs of the industry in this region,” added H.E. Ahmed Al Sayegh.

“The inauguration of the new BNP Paribas branch reflects the Group’s commitment to financing the development of Abu Dhabi and to accompany its investments on an international level, notably in Europe. It will also enable us to further develop our relationships with our corporate and institutional clients in the region,” said Jean Lemierre, Chairman of BNP Paribas.

Prior to the event, H.H. Sheikh Hamed met with the French Prime Minister at ADGM Authorities Building on Al Maryah Island to further the discussion on strengthening cooperation and friendly relations between the UAE and France. 

Both parties will explore additional avenues for economic and investment-related cooperation between the two countries. Acknowledging the importance of diversifying and expanding the scope of their mutual ties, the discussion focused in particular on joint investment ventures.

The meeting also discussed the current ties between the two countries on the corporate and institutional levels, and how they can leverage each other’s diverse range of resources and capabilities to bolster development programmes in both countries.

The meeting and the ADGM-BNP Paribas event were attended by His Excellences Dr. Sultan Ahmed Al Jaber, Minister of State; Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development – Abu Dhabi; Riyad Abdulrahman Al Mubarak, Chairman of the Abu Dhabi Department of Finance; and Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer, Alternative Investments & Infrastructure of Mubadala.

About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.  Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global centre for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law.   Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* 

For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM

* Source : The Global Investor Middle East and North Africa (MENA) Awards

 

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