ABU DHABI (Reuters) - The UAE's Abu Dhabi Commercial Bank ADCB.AE and Europe's largest lender by market capitalization, Banco Santander, SANSAN.UL have agreed to cooperate in trade and project finance as the Spanish bank broadens its reach in the Gulf.
The two banks signed a partnership agreement that will draw together 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.
"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," said Colin Fraser, executive vice president and head of wholesale banking group at ADCB.
ADCB, a majority state-owned bank and listed on the Abu Dhabi Securities Exchange, ADX.AD last week posted a 3 per cent decline in third quarter profit.
The lender is heavily focused on the domestic market with two branches in India.
Reporting by Stanley Carvalho, editing by Sanjeev Miglani