Luxembourg: European Depositary Bank (“EDB”), the Luxembourg-headquartered provider of banking, depositary and custody solutions, today announces its appointment by Arab Bank (Switzerland) Ltd. (“ABS”) for the provision of digital banking services.
 
Founded in Switzerland in 1962, ABS offers private banking services for high-net-worth individuals and entrepreneurs. EDB has been selected to provide digital banking services for 32 bank accounts for 14 special purpose vehicles (“SPVs”) as part of ABS’ €400m pan-European real estate strategy.
 
Apex Group’s Digital Banking services, delivered by subsidiary EDB provide an agile and responsive solution for institutional clients including Asset Managers and SPVs, Family Offices, Corporates, Trusts and UHNWI. EDB’s solutions offer time, resource and cost efficiencies via a secure 24/7 platform for instant access. 
 
EDB’s pioneering Digital Banking offering addresses the common challenges and pain points experienced by institutional banking customers by providing an expanded functionality and range of services. Clients such as Arab Bank can simply and efficiently open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements and cash management through automated money market sweeps from a single online dashboard.
 
As part of Apex Group, EDB is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds, with over $162bn of Assets under Depositary (as of November 30, 2022). This latest news follows the appointment of David Claus as CEO of EDB, and recent client wins of GenTwo and Mikro Capital for paying agent services.
 
Jean-Daniel Zandona, Regional Head of Business Development at Apex Group commented: “Arab Bank continues to build one of the most attractive portfolios in the logistics sector in Europe. Their recent acquisition of Banque Gonet will fuel capital raising further, demonstrating Arab Bank’s ambitions to become a top quartile real estate actor in the EMEA region. We are proud to be supporting this journey with our digital banking services, as we strive every day to build innovative solutions for the alternative investment community.”
 
Daniel Delechat, Head of Asset Management at ABS further comments: “In a context where most traditional banks in Luxembourg have cold feet to bank private assets funds and corporates, Apex Group proposed a unique digital platform allowing us to get our 32 bank accounts across 14 SPVs onboard in a fully digitized, streamlined manner, in less than three weeks. We were also impressed by their multi-currency cash sweep module to optimize our cash management, automating time deposits across leading counterparties, effortlessly.”