Monday 12, February 2018 by Jessica Combes

ADGM welcomes BNP Paribas in establishing new branch

 

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed BNP Paribas Group, one of the world’s largest international banks, in establishing its branch within the ADGM jurisdiction. 

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

This development was announced during an event held at the ADGM Authorities Building on Al Maryah Island in Abu Dhabi, and was hosted jointly by HE 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.

“We extend our sincere congratulations to BNP Paribas Group and welcome them to ADGM. I would like to thank HH Sheikh Hamed bin Zayed Al Nahyan and HE 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,” said Al Sayegh.

Al Sayegh added that the new BNP Paribas branch signals a significant step in the development of ADGM as an international financial centre and the ADGM looks forward to growing together with BNP Paribas and catering to the dynamic needs of the industry in this region.

“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, Chairman of BNP Paribas.

Prior to the event, H.H. 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 other’s diverse range of resources and capabilities to bolster development programmes in both countries.

The meeting and the ADGM-BNP Paribas event were attended by His Excellences Dr. Sultan Ahmed Al Jaber, Minister of State; Saif Mohammed Al Hajeri, Chairman of the Department of Economic Development – Abu Dhabi; Riyad Abdulrahman Al Mubarak, Chairman of the Abu Dhabi Department of Finance; and Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer, Alternative Investments & Infrastructure of Mubadala.

 

 

  

Features & Analyses