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DFM appoints StanChart
as Settlement Bank

This came at a signing ceremony which took place today. Present at the ceremony was Maryam Fikree, Chief Operating Officer, Senior Vice President - Clearing, Settlement and Depository Division who signed on behalf of DFM and Haytham El Maayergi, Managing Director and Head of Transaction Banking in the UAE, who represented Standard Chartered, along with other senior representatives from both sides.

Standard Chartered has been a licensed custody provider for DFM since the year 2008 and with this appointment, the Bank is now the first international settlement service provider for the DFM. Maryam Fikree commented: “We are delighted to have an international bank such as Standard Chartered on board as a settlement service provider. The appointment of Standard Chartered is part of DFM’s ongoing commitment to our members and clients by offering them a diversified choice of local and international settlement banks. We are confident that Standard Chartered will enrich the settlement services offered to DFM and our members.”

Standard Chartered has developed several product offerings which are designed to meet the client’s specific needs and which include Client Account Services, for the broker dealer and investment manager community as well as cash management offerings including liquidity management, collections and payment services.

Commenting on the appointment, Haytham El Maayergi, said: “This appointment comes as a testament of the trust between the market and Standard Chartered. We are honoured to be one of the trusted partners of the Dubai Financial market and we look forward to further cooperation in the future. Our appointment today will allow us to expand our product offering for the Investors and Intermediaries client segment and will allow us to provide them with our world class transaction banking and cash management services.” 
—business@khaleejtimes.com