Abu Dhabi Comm'l Bank granted Jersey licence
From Europe Nov 30 2011 BY: Ray Clancy
, Contributor
, International Adviser
L-R: Alan Martin and Joe Moynihan (AIB Jersey); Arup Mukhopadhyay and Ala'a Eraiqat (ADCB)
Jersey has granted Abu Dhabi Commercial Bank, the third-largest bank in the UAE, a licence to operate on the island, through a managed bank arrangement with AIB Jersey.
ADCB, which is 58% owned by the Abu Dhabi Government via the Abu Dhabi Investment Council, will initially offer current accounts, deposit-taking products and term deposits to high net worth individuals. Accounts will be available in multiple currencies.
The announcement follows this week's signing of a memorandum of understanding between the central bank of the UAE and the Jersey Financial Services Commission in Abu Dhabi. The memorandum creates a formal mechanism which enables the regulatory authorities to co-operate on supervisory matters and exchange information.
Senator Alan Maclean, minister for economic development, States of Jersey, said the opening of a Jersey Finance office in Abu Dhabi increases the island's commitment to the Gulf.
“Furthermore, the decision by a significant banking group to set up its offshore capabilities in Jersey is a telling endorsement of Jersey’s strength as a jurisdiction,” he added.
According to Geoff Cook, chief executive of Jersey Finance, there will be increasing business flows to Jersey from the region.
“The decision by ADCB to opt for Jersey as the location to establish its offshore banking offering reflects well on Jersey’s reputation in the Gulf region and will add appreciably to the potential for increasing banking business in the future,” Cook said.