ADCB becomes first local bank to operate in ADGM

Dubai

Abu Dhabi Commercial Bank (ADCB) said on Tuesday it has become the first local bank to establish presence in the Abu Dhabi Global Market by opening its private banking centre within the new asset management subsidiary.

The bank will have the licence required to conduct regulated activities from the ADGM including, among others, asset management services, it said in an emailed statement.

“As a leading Abu Dhabi based bank, ADCB will add tremendous value to the asset management and private banking offerings at ADGM,” Thomas Hirschi, Executive Director, Banking & Insurance of the Financial Services Regulatory Authority of ADGM, said in a statement.