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 centre 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 internationally 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.