International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Abu Dhabi Commercial Bank and Bank of America Merrill Lynch Form Strategic Relationship
This group is tasked with developing global working relationships and sharing opportunities.
January 21, 2011 11:51 by Rasha Reslan
Abu Dhabi Commercial Bank (ADCB) and Bank of America Merrill Lynch are pleased to announce a strategic relationship in the United Arab Emirates (UAE). The relationship allows Bank of America Merrill Lynch clients requiring services in the region access to the capabilities provided by ADCB. On the other hand, ADCB clients will have access to Bank of America Merrill Lynch’s global network of corporate banking and cash management capabilities.
At the core of the relationship is the establishment of a steering committee, comprising senior bankers from both organisations. This group is tasked with developing global working relationships and sharing opportunities.
Commenting on the agreement, Ala’a Eraiqat, Chief Executive Officer and ADCB board member said: “Today is an important day for the UAE banking sector. It brings together our bank’s extensive network in the UAE, our product suite and service excellence with the global reach of Bank of America Merrill Lynch – a truly win-win partnership. We look forward to working with Bank of America Merrill Lynch to provide their valued clients with world-class products and services.”
Joel Van Dusen, Global Head of Corporate Banking Coverage at Bank of America Merrill Lynch added: “At Bank of America Merrill Lynch, we are investing in bringing the right capabilities to our clients through our own global network or through relationships with best-in-class local banks. ADCB has demonstrated the highest standards in world-class banking services and products. We are delighted to offer our global clients access to their footprint, range of products and service standards.”