Wednesday 16 January 2019

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BNP Paribas to set up branch in ADGM

ABU DHABI, February 11, 2018

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, held an event to welcome BNP Paribas Group, one of the world’s largest international banks, in establishing its branch within the ADGM jurisdiction.

The event was attended by Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court, and Edouard Philippe, the Prime Minister of the Republic of France.

The event was hosted jointly by Ahmed Al Sayegh, chairman of ADGM and 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.

Al Sayegh 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 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.

Prior to the event, 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 others’ diverse range of resources and capabilities to bolster development programmes in both countries. – TradeArabia News Service

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