Abu Dhabi Commercial Bank has unveiled a new private banking division that it says will target high-net-worth customers in the region, who it says are currently being looked after by fly-in-fly-out private bankers typically based in London or Geneva.
ADC Bank, which is majority owned by the Abu Dhabi government, said it had named Mark Peters to head up the new “ADCB Private” operation. Peters, who most recently has been an executive vice president at ADCB, was described as a 25-year banking industry veteran, whose previous roles have included senior international assignments with such organisations as Goldman Sachs, Citigroup Private Bank, Jefferies LLC, Credit Suisse First Boston and Deutsche Bank.
ADCB Private will offer wealth strategies, asset management services and succession planning advice, ADCB said in a statement on its website.
ADCB currently has banking facilities in Jersey, which ADCB Private clients will be able to take adavantage of, the statement added, as they also benefit from being able to have a dedicated client relationship manager in the UAE.
They will also be able to take advantage of what is being called the “ADCB Private Concierge by Quintessentially Lifestyle” facility; indulge in a “specially designed package of services and experiences” designed to fit a high-net-worth individual’s personal needs; and make use of an “Elite”MasterCard made of a titanium alloy, which is said to be the first such metal credit card to be offered by a bank in the region.
Peters said the new private bank’s “unwavering ambition” would be to “bring a new era for private banking to the UAE”.
In addition to a single branch in Jersey, ADCB has representative offices in London and Singapore, and two branches in India, as well as 48 branches and 306 ATMs in the United Arab Emirates, according to its website. It was founded in 1985 as a public shareholding company in the wake of a merger of Emirates Commercial Bank and Federal Commercial Bank with Khaleej Commercial Bank. The Government of Abu Dhabi, through the Abu Dhabi Investment Authority, is a majority shareholder with a 65% stake.