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BNY to expand offerings in the Abu Dhabi Global Market

Bank granted a category 4 licence by the Financial Services Regulatory Authority

The Bank of New York Mellon Corporation (BNY), a global financial services company, on Wednesday announced it can offer a broader range of its products and services to clients within the Abu Dhabi Global Market (ADGM), having been granted a category 4 licence by the Financial Services Regulatory Authority (FSRA).

This increased offer will include 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 excited to grow our presence in Abu Dhabi,” said Hani Kablawi, head of international at BNY. “BNY’s experience across the financial lifecycle providing platforms, infrastructure and solutions helps clients navigate the fast-evolving operating requirements to drive their growth in the Middle East.”

BNY has been operating in the UAE for over 26 years after opening its first office in Abu Dhabi in 1998.

“We have a long-established and growing presence in the UAE, collaborating with leading financial players and providing end-to-end services to support their needs,” said Ameer Toma, senior executive officer for Abu Dhabi at BNY. “We combine an innovative mindset with our local expertise to create new solutions and services to meet the needs of our clients. We look forward to offering more of our globally leading capabilities in the ADGM.”

BNY provides access to global markets by building local capabilities in the region and supporting the development of the Gulf Cooperation Council’s capital markets landscape.

“We extend our congratulations to BNY on achieving the category 4 license” said Arvind Ramamurthy, chief of market development at ADGM. “This significant milestone highlights BNY’s commitment to expanding their operations within Abu Dhabi and the UAE. Their enhanced presence and broadened scope of services will significantly contribute to Abu Dhabi’s status as a leading financial hub and drive innovation and growth within the capital markets. We look forward to supporting BNY in their continued success and contribution to the region’s financial landscape.”