According to a press release issued by the bank, the bank stated that it worked to communicate periodically with customers and related parties regarding the exit, and all active bank accounts of the bank’s clients in Jersey were transferred to Abu Dhabi Commercial Bank in the United Arab Emirates on October 1, 2020..
This decision comes as part of his strategy to focus heavily on the local market in the UAE.
ADCB’s exit from its banking business in Jersey took place in accordance with the procedures followed by the Jersey Financial Services Commission and currently, the bank is voluntarily revoking its license with Jersey Financial Services..
Last month, Abu Dhabi Commercial Bank announced its exit from banking in the People’s Republic of ChinaNoting that he obtained the approval of the China Banking and Insurance Regulatory Commission to close his bank’s Shanghai branch.
Sources revealed to Reuters last July that Abu Dhabi Commercial Bank plans to lay off 400 employees to cut costs amid low oil prices and the coronavirus crisis.
The bank stated that its profits attributable to shareholders amounted to 1.43 billion dirhams in the first half of 2020, compared to 2.32 billion dirhams in the same period last year..
Abu Dhabi Commercial Bank shares ended its trading on the UAE capital stock exchange today, down by 0.36 percent to 5.59 dirhams, after 5.13 million shares were traded, valued at 28.69 million dirhams.
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