Deutsche Bank and Abu Dhabi Commercial Bank (ADCB) today announced a cooperation agreement 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 over 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 will be using Deutsche Bank?s FX4Cash platform for global cross-currency payments. FX4Cash was developed by Deutsche Bank?s Global Transaction Banking in collaboration with Deutsche Bank?s Global Markets to leverage the Bank?s number one FX role as well as its leading payment positions in euro and US dollar clearing.
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.
Wolfgang Wagner, Regional Head of Cash Management Financial Institutions - Eastern Europe, Middle East & Africa at Deutsche Bank, said ?We are pleased to support Abu Dhabi Commercial Bank?s efforts to maximize and extend their payment 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.?