ADCB launches new private banking division

Dubai: Abu Dhabi Commercial Bank (ADCB) is launching a new private banking division in an effort to attract high-net worth customers in the region that it says currently rely on fly-in, fly-out private bankers from Europe.

The majority state-owned bank said Sunday it has appointed 25-year banking veteran Mark Peters as head of its new Private Clients and Wealth Management unit.

The new division will offer wealth strategies, asset management and succession planning solutions, according to an emailed statement. Clients will have access to the bank’s offshore facilities in tax haven Jersey, the bank said.