Abu Dhabi Commercial Bank (ADCB) and Banco Santander have signed a partnership agreement to enhance trade ties between Europe and the United Arab Emirates (UAE).

Under the agreement, signed on November 1, the banks will bring together their expertise in trade and project finance and will work together to provide financing solutions for their clients in the UAE and Europe.

“This partnership agreement with Banco Santander marks only the beginning of our long-term partnership. Through this initiative we want to play an even greater role in bringing together domestic and international companies,” Ala’a Eraiqat, ADCB’s CEO says.

Emilio Botin, chairman of Banco Santander adds: “With banks in the Middle East emerging as important sources of financing for global clients, we recognise that there is an increasing need for stronger collaboration with strong financial institutions in the region. In this regards, I am confident that the memorandum of understanding will open a new frontier for future collaboration and accelerate co-operation between Banco Santander and ADCB.”