- Global Network
- Counterparties
- Al Marsa Mercantile Bank
Counterparty · Correspondent bank
Al Marsa Mercantile Bank
Al Marsa Mercantile Bank is the Gulf correspondent for the Dubai regional hub and holds the dirham and US dollar accounts of the group's Emirates entities. The accounts opened in 2023 with the hub. Al Marsa clears Gulf currency payments for the Private Wealth & UHNW division, settles the capital calls of IGUAKO Gulf Co-Investment I Ltd., and settles trade finance for pharmaceutical distribution into the wider region.
The relationship
Gulf families and institutions expect to settle locally and to see their capital move on the same day. Al Marsa provides same-day dirham and riyal clearing across the Gulf and receives subscriptions from regional investors into the Luxembourg and Irish platforms. The bank also provides a US$20 million uncommitted intraday line to smooth settlement timing.
Services to IGUAKO and its clients
- Dirham and US dollar correspondent accounts
- Same-day Gulf currency clearing
- Subscription receipt from Gulf investors into the fund platforms
- Capital call settlement for the Gulf co-investment vehicle
- Trade finance settlement for pharmaceutical distribution
Also in the region