France-based Societe Generale Securities Services (SGSS) and the National Bank of Abu Dhabi (NBAD) have signed a commercial agreement to provide extensive securities services in their respective regions.

The commercial agreement allows SGSS and NBAD to expand the geographical coverage of their securities services.

Both the firms will benefit from each other’s strengths by leveraging their product expertise in order to provide comprehensive solutions and broader global support to Europe-based institutions and clients in the Gulf Cooperation Council (GCC) countries, according to SGSS.

Rudiger von Wedel, senior general manager of global wealth division of NBAD, said: “NBAD is actively and prudently expanding its services by capitalizing on its strengths and advantages. Following the licensing of NBAD as the first UAE custodian by Emirates Securities and Commodities Authority, we are now positioned for greater opportunities regionally and globally. This agreement expands the coverage and range of services provided to both NBAD and SGSS clients.”

Alain Closier, head of SGSS, said: “This new commercial agreement is another illustration of our development strategy to build on our strong pan-European platform and offer local expertise and resources to foreign players who are increasingly interested in accessing European markets. We can now bring additional value to our clients by offering them direct access to the leading local securities services provider for the GCC countries.”