The UAE’s Abu Dhabi Commercial Bank (ADCB) has launched an offshore banking service for its high net-worth clients. The service is being launched through the bank’s Jersey branch.
The ADCB will enable customers to operate accounts in multiple currencies from around the world. Customers will require an initial balance of $25,000 to open an account.
“The launch of Offshore Banking is expected to facilitate and further positive growth in the industry,” says Arup Mukhopadhyay, head of consumer banking at ADCB.
ADCB is listed on the Abu Dhabi Securities Exchange (ADX) and is the UAE’s third-largest bank by assets worth AED183bn ($48.9bn) as of September 2011.
It is 58 per cent owned by the Abu Dhabi government through the Abu Dhabi Investment Council.