ADCB Becomes the First Local Bank to Operate in ADGM
ADCB Asset Management joins prestigious list of institutions based in the international financial centre to offer regulated products and asset management services to high-net-worth clients
Abu Dhabi, UAE; 1 May 2018: Abu Dhabi Commercial Bank (ADCB) today announced it has become the first local bank to establish a presence in the Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) of Abu Dhabi, by opening its flagship private banking centre within the new asset management subsidiary.
ADCB is the first local bank to obtain the ADGM Financial Services license required to conduct regulated activities from the ADGM including, amongst others, asset management services. The license was issued by the Financial Services Regulatory Authority (FSRA) of ADGM which supervises registered financial institutions, companies and entities, allowing them to conduct regulated financial activities within an international regulatory framework, based on Common Law.
As a leader in the banking industry, ADCB joins an increasing number of important global institutions that have already established a presence at the ADGM. This move will enable ADCB to build and enhance their platform for high-net-worth clients, who have bespoke, complex and sophisticated requirements, by providing support and enhancing ADCB’s private client segment – ADCB Private, which was established in 2016. The new subsidiary will enable ADCB Private to provide convenient access to global investment and capital market opportunities.
Mark Peters, Head – Private Clients and Wealth Management at ADCB said, “ADCB has a growing reputation as leaders in private banking and wealth management. The opening of our flagship private banking center in Abu Dhabi Global Market comes with the ambition of maintaining and creating new relations with our clients who always look for top class support and growth in services.”
Thomas Hirschi, Executive Director, Banking & Insurance of the Financial Services Regulatory Authority of ADGM, said: “We congratulate ADCB on the opening of their flagship private banking centre at ADGM and welcome them to our growing community of financial services firms. As a leading Abu Dhabi based bank, ADCB will add tremendous value to the asset management and private banking offerings at ADGM. We look forward to more local and international banks achieving their growth plans via the ADGM platform.
The new asset management subsidiary allows ADCB’s wealth management proposition to benefit from both robust and progressive onshore regulatory supervision under the Securities and Commodities Authority (SCA), and the FRSA’s regulatory supervision underpinned by an international recognised financial regulatory framework.
Voted as the Financial Centre of the Year (MENA) for two years in a row, ADGM has been gaining regional and international endorsements from the financial services industry and investment community for its innovative initiatives that have introduced more business opportunities and enabled new growth. ADCB is proud to establish a presence in the Abu Dhabi Global Market contributing to the IFC and Abu Dhabi’s ongoing economic development.
About ADCB
ADCB was formed in 1985 and as at 31 March 2018 employed over 5,000 people from 80 nationalities, serving retail customers and corporate clients in 49 branches, 1 pay office and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 31 March 2018, ADCB’s total assets were AED 267 billion.
ADCB is a full-service commercial bank which offers a wide range of products and services in both conventional and Shari’ah compliant banking, operating in four business segments including Consumer Banking, Wholesale Banking, Treasury and Investments and Property Management.
ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2018, ADCB’s market capitalisation was AED 34 billion.