ADCB’s Jersey business provided offshore banking to wealthy clients/Bloomberg
by Kudakwashe MuzoriwaAbu Dhabi Commercial Bank (ADCB) will exit its operations in Jersey to focus on its home market in the UAE.
In a bourse filing, ADCB said that it informed the Jersey Financial Services Commission of its decision and will be communicating with customers and other stakeholders in due course.
The Abu Dhabi-based lender said that the process of discontinuing its operations in Jersey will be conducted over an extended timeframe and ADCB's priority remains to provide excellent service to its customers.
Furthermore, during the period until discontinuation, ADCB said that there will be no changes to products and services and the bank will continue to serve its customers requirements.
ADCB’s Jersey business provided offshore banking to wealthy clients, allowing expatriate workers to house savings in offshore accounts in a range of different currencies.
In September 2019, ADCB agreed to sell the majority of its banking portfolio in India to DCB Bank and subsequently exit its operations in the country after the transaction—subject to regulatory approvals.
The lender merged with Union National Bank (UNB) and the combined entity acquired Al Hilal Bank, creating a banking group with AED 423 billion in assets and the third-largest financial institution as well as one of the largest retail banks in the UAE.
Last month, ADCB Group posted AED 3.29 billion in operating income in Q4 2019, a three per cent year-on-year increase owing to higher non-interest income.
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