Release
Amsterdam
October [25], 2010
STRICTLY EMBARGOED UNTIL OCTOBER 25, 2010
Abu Dhabi Commercial Bank selects Deutsche Bank
for cross-currency payments
Deutsche Bank and Abu Dhabi Commercial Bank (ADCB) today announced an
alliance in cross-currency payment solutions to facilitate payments in line with
their growth in the United Arab Emirates (UAE). This expands ADCB’s existing
payments and cash management relationship with Deutsche Bank who has been
serving as ADCB’s main euro clearing bank for many years.
ADCB, one of the largest banks in the UAE, is a diversified full service bank,
which is active in all banking services that span corporate, retail and commercial
banking. Additionally, covering the areas of treasury derivatives, infrastructure
finance, private banking and wealth management, ADCB has a network of 49
branches and 340,000 retail customers but with its recent acquisition of the retail
banking business of the Royal Bank of Scotland in the UAE, ADCB’s franchise will
grow by hundreds of thousands of customers.
ADCB and its clients are using Deutsche Bank’s FX4Cash platform for global
cross-currency payments. FX4Cash was developed by Deutsche Bank’s Global
Transaction Banking in collaboration with Global Markets to leverage the Bank’s
number one FX role as well as its leading clearing positions in euro and US dollar.
Utilizing FX4Cash, clients are able to send and receive cross-currency payments
in over 120 different currencies. FX4Cash provides Deutsche Bank clients with
new functionality, added control and revenue opportunities for servicing their
cross-currency payment requirements.
Padmanabhan Mishra, Head of Financial Institutions at ADCB, said, “We chose to
expand our relationship with Deutsche Bank to support efficient execution of a
wider range of cross-currency payments for our growing client base. We continue
to be impressed with Deutsche Bank’s product innovation, delivery and customer
service. We view this alliance as another milestone for continued future
cooperation between our institutions.”
Wolfgang Wagner /Paul Camp, title, Deutsche Bank, said “We are pleased to
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support Abu Dhabi Commercial Bank’s efforts to maximize and extend their crosscurrency payments reach worldwide for their expanding client franchise. We are
committed to providing tangible results to ADCB and other clients in the Middle
East and across the globe.”
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For further information, please call:
Deutsche Bank AG
Press & Media Relations
Christoph Woermann
Deutsche Bank
Global Transaction Banking
+44(0) 777 496 9054
christoph.woermann@db.com
Libby Young
Deutsche Bank
Press Office
+44(0) 207 545 6941
libby.young@db.com
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients
franchise. A leader in Germany and Europe, the bank is continuously growing in North America,
Asia and key emerging markets. With 81,929 employees in 72 countries, Deutsche Bank offers
unparalleled financial services throughout the world. The bank competes to be the leading global
provider of financial solutions for demanding clients creating exceptional value for its shareholders
and people.
www.db.com
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