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First for NBAD

The National Bank of abu dhabi (NBad) has been granted a licence by the emirates securities and Commodities authority (sCa) enabling it to practice the “securities Custody” activities of securities listed on local markets – making the bank the first to achieve this feat.

According to the “securities Custody” transaction, an investor may entrust his securities in the custody of a specialised company or bank licensed for those activities. The investor may then mandate the custodian to act appropriately on the securities – for example, by referring them to a broker when the owner wants them sold. The investor may also mandate the custodian to receive dividends on his behalf or to act in other activities such as attending general assembly meetings and voting according to the investor’s instructions.

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