Abu Dhabi Commercial Bank (ADCB) has decided to exit its operations in Jersey to focus on the UAE and has already informed the Jersey Financial Services Commission of the decision.
ADCB will be informing customers and other stakeholders in due course of the exit, according to a bourse filing. The bank also said the move will have negligible impact on its profitability.
"The process of discontinuing our operations in Jersey will be conducted over an extended timeframe, and ADCB's priority remains to provide excellent service to its customers. During the period until discontinuation, there will be no changes to products and services and ADCB will continue to serve its customers requirements," ADCB said in a statement to Abu Dhabi Securities Exchange, where its shares trade.
The process of discontinuing our operations in Jersey will be conducted over an extended timeframe"
ADCB's Jersey business provided offshore banking to wealthy clients, allowing expatriate workers to house savings in offshore accounts in a range of different currencies.
For the full-year 2019, ADCB reported net profits of AED 4.79 billion, down from AED 6.126 billion in the previous year.