SGSS signs cooperation agreement with Qatar National Bank Alahli in Egypt
(4 June 2015 – France) Societe Generale Securities Services (SGSS) signed a cooperation agreement with Qatar National Bank Alahli (QNB Alahi) in Egypt.
The agreement enables SGSS to to provide securities services to international institutional investors and corporates in Egypt.
The services provided through the agreement will span the whole post-trade value-chain.
SGSS said in a statement that as part of its strategy to develop its overall securities services offer to the increasing number of international investors and corporate present in the country, QNB Alahi is combining its local expertise and knowledge of the Egyptian market with SGSS’ commercial support, operational management and extensive international coverage.
As a result of this agreement, both domestic and international investors in Egypt will benefit from a full range of post-trade services fully compliant with local and international industry regulations and standards.
These services include local and global custody, clearing and settlement services across all asset classes, depositary bank, transfer agent and issuer services, as well as cash management, foreign exchange and securities lending.
QNB Alahi has over 25 years of experience in the custody business, and is regarded a leading securities services provider in the Egyptian market and has built strong ties with market authorities through a dedicated team of experienced local market experts.
“Cooperating with QNB Alahi is an important step in bringing enhanced services to clients by offering them global coverage and direct access to a leading local securities services provider,” said Philippe Huerre, head of SGSS’ International Department.
“Egypt is one of the largest economies in the Middle East and North Africa (MENA) region and foreign players are increasingly interested in accessing this and other markets in the area.
“The combined strengths of QNB ALAHLI and SGSS will enable clients to benefit from strong asset protection and in-depth local market knowledge for the support of their operations and development in Egypt.”
QNB Alahi chairman & managing director Mohamed El Dib, said: “This partnership with SGSS builds on a long-term relationship between QNB Alahi, a leading market player with more than 37 years in Egypt, and SGSS, one of the top global custodians worldwide.
“This cooperation agreement will foster and contribute to developing our securities services in Egypt for the benefit of both local and international customers.”