Investment Corporation of Dubai, Banco Santander sign MOU on financial services

Dubai: In line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote Dubai as a major financial centre, Investment Corporation of Dubai (ICD) has signed a Memorandum of Understanding (MoU) with Banco Santander to explore potential areas of cooperation to jointly offer world class financial services in the region and other emerging markets.

Banco Santander is a Spanish-based publicly listed multinational bank operating in ten core markets in Europe, Latin America and the United States. It is the largest bank by market capitalization in the euro zone and the largest financial franchise in Latin America.

Commenting on the venture, H.H. Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee and Member of the Board of Directors of Investment Corporation of Dubai said: “We are confident that the signing of the MOU marks a first step in a mutually beneficial relationship between our organizations to share experiences and explore opportunities”.

Emilio Botin, Chairman of Banco Santander, added that “We look forward to exploring opportunities to work with ICD in the region and beyond”.

Mohammed Al Shaibani, Executive Director and CEO of ICD added that “We are very pleased to enter into a strategic Alliance with Banco Santander. The relationship brings together Santander’s unique and extensive experience within financial services and ICD’s strong presence in and understanding of the emerging markets”.

The venture aims to further strengthen the good relationship between ICD and Banco Santander, leveraging on the strong presence of ICD in the Gulf region and the unique capabilities of Banco Santander.

Following the signing of the MoU, a joint task force will be established to identify business opportunities of mutual interest in the Middle East, Latin America and Asia Pacific regions.