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UAE's ADCB, Banco Santander sign MoU

  • The UAE's Abu Dhabi Commercial Bank and Europe's largest lender by market capitalization, Banco Santander, have signed a Memorandum of Understanding to cooperate in trade and project finance.

    The move comes as the Spanish bank looks to widen its reach in the Middle East.

    The two banks signed a partnership agreement that will combine their expertise in investment banking, trade finance and consumer banking in their respective markets, a statement from ADCB said on Sunday.

    "With banks in the Middle East emerging as important sources of financing for global clients, we recognize that there is an increasing need for stronger collaboration with strong financial institutions in the region," Emilio Botin, chairman of Banco Santander said in the statement.

    Colin Fraser, executive vice president and head of wholesale banking group at ADCB, said: "This is an exciting alliance which will help clients of both the banks trade together through the provision of combined expertise, financial strength and connectivity in the market.”

    ADCB is a majority state-owned bank and listed on the Abu Dhabi Securities Exchange. Last week, it posted a 3 percent decrease in third quarter profit.

    Meanwhile, Banco Santander achieved profits of $10.5 billion in 2011 and its total assets amounted to $1.7 trillion and total equity of $103.9 billion.