Now, UAE residents can open UK-based bank accounts
ADCB, Al Hilal Bank sign partnership with Bank of London and the Middle East
Abu Dhabi: ADCB and its Shariah-compliant digital banking subsidiary Al Hilal Bank have announced an innovative new partnership with Bank of London and the Middle East (BLME) to bring digital UK banking to UAE nationals and residents through Nomo.
Customers in the UAE can now open UK-based multi-currency current and savings accounts, as well as apply for UK home financing, from their smartphones using the newly launched ADCB-Nomo and Al Hilal-Nomo banking apps.
Nomo is part of BLME, a subsidiary of Boubyan Bank, one of the leading financial institutions in the Middle East. Nomo was established to bring high-quality, Shari’ah-compliant digital banking to non-UK residents in the Middle East.
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Ala’a Eraiqat, ADCB Group CEO, and Al Hilal Bank Chairman, said: “ADCB’s partnership with Nomo is part of our strategy to drive digital-enabled growth. We are focused on maintaining ADCB’s leadership position in customer experience and are committed to providing customers with innovative digital banking solutions and an unparalleled banking experience. The ADCB-Nomo and Al Hilal-Nomo apps will simplify international banking and unlock new financing opportunities for our customers with interests in the UK.”
The ADCB-Nomo and Al Hilal-Nomo apps will give customers the ability to spend fee-free globally in six currencies (GBP, USD, AED, EUR, KWD and SAR), send money fee-free to UK bank accounts, and save in UK-based Fixed Term Deposits in GBP and USD. Customers will also have the opportunity to get finance to help them buy properties in the UK as an investment or as a second home.
Adel Abdul Wahab Al Majed, Vice-Chairman and Group CEO, Boubyan Group, added: “ADCB is a market leader in GCC banking when it comes to excellence, security and innovation, and it’s a hugely exciting prospect to be partnering with them. Our collective mission is to give customers in the UAE unique opportunities to invest and manage their wealth internationally, simplifying complicated banking processes and avoiding high cross-border fees. The ADCB-Nomo and Al Hilal Nomo apps will make this a reality.”