Abu Dhabi Commercial Bank PJSC (Arabic: بنك أبوظبي التجاري) (ADX: ADCB), commonly called ADCB, is a bank in the United Arab Emirates.
 | |
| Company type | Public |
|---|---|
| ADX: ADCB | |
| Industry | Banking |
| Founded | 1985 |
| Headquarters | , United Arab Emirates |
Area served | United Arab Emirates United Kingdom |
| Products | Financial services |
| Total Assets 148 billion | |
| Owner | Government of Abu Dhabi [through the Abu Dhabi Investment Authority (ADIA)] (65%) |
Abu Dhabi Commercial Bank (ADCB) was formed in 1985[1] as a public shareholding company with limited liability, following the mergers between Emirates Commercial Bank, Federal Commercial Bank, and Khaleej Commercial Bank, which was established in 1975.
The Government of Abu Dhabi through the Abu Dhabi Investment Council (ADIC) holds 62.52% of ADCB shares; the remainder is held by other institutions and individuals. ADCB is the third-largest bank in the UAE in terms of balance sheet size and offers a range of commercial and retail banking services to its customers.
As of 30 September 2018, it employs over 5000 people serving retail and corporate clients. Aside from 56 branches in the UAE, it had 1 branch in Jersey until October 2020.[2] It also operates out of representative offices in Singapore and London.
In January 2019, a 3 bank merger was announced between ADCB, Union National Bank and Al Hilal Bank. The combined bank continues to operate as ADCB although Al Hilal Bank operates as a standalone Islamic bank consolidated under the new group entity.
ADCB Group will become the fifth largest bank in the region with approximately 1 million customers.[3][4][5][6][7]
Area of Business
editThe Bank is a United Arab Emirates-based public joint stock company that provides retail, commercial, investment, merchant, brokerage and fund management activities through its network of 56 branches in the United Arab Emirates and 1 in the UK.
See also
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References
edit- ^ "Abu Dhabi Commercial Bank". Forbes. Retrieved 8 May 2024.
- ^ Writer, Staff; Mubasher. "Abu Dhabi Commercial Bank exits operations from Jersey". www.zawya.com. Retrieved 2024-09-02.
- ^ "Shares in ADCB, UNB, ADIB suspended after bank merger speculation". ArabianBusiness.com. Reuters. Retrieved 2019-02-15.
- ^ "Abu Dhabi's three-way banking merger likely in 2019 first quarter". gulfnews.com. Retrieved 2019-02-15.
- ^ "Proposed bank merger in Abu Dhabi could lead to 1,000 job cuts - report". Gulf Business. 2018-12-24. Retrieved 2019-02-15.
- ^ "UAE banks ADCB and UNB agree on merger and takeover of Al Hilal". The National. Retrieved 2019-02-15.
- ^ John, Issac. "ADCB, UNB, Al Hilal merge to form Dh420 billion bank". Khaleej Times. Retrieved 2019-02-15.