Abu Dhabi, 6 May, 2012: Abu Dhabi Commercial Bank ("ADCB") has signed an agreement with Habib Exchange at ADCB's head office to distribute ADCB's accounts, the Emirati Millionaire Savings Account (EMSA) and the Millionaire Destiny Savings Account (MDSA).
The objective of this partnership is to expand ADCB's products accessibility within the UAE and to encourage a savings culture among UAE Nationals and expatriates residing in the country. The bank offers millions of Dirhams cash awards and other valuable prizes as incentives to attain its goal.
On this occasion, Amr Al Menhali, Head of Islamic Banking at ADCB, said: "MDSA is ADCB's flagship prize draw based product and it is growing at a fast pace. Over 50,000 customers have already signed up for MDSA and we are glad that the customer base is growing every day. Our new prize based product, EMSA exclusively for UAE nationals is gaining momentum and more than 4,000 customers have signed up for EMSA in a short time. One of the main reasons behind the success of these products in particular and all other products in general is the trust of our customers in ADCB. We expect that sale of MDSA & EMSA will further increase as we have signed up a Distributorship Agreement with Habib Exchange Company, which is one of the oldest exchange houses in the UAE."
Commenting on Habib Exchange alliance with ADCB, Muhammad Amin Bawa, Managing Director of Habib Exchange, said: "Habib Exchange is proud to be associated with ADCB, the third largest bank in the UAE by assets. Habib Exchange has 11 branches in the UAE situated in key locations and serving thousands of clients every day. We have plans to open more branches during 2012 to serve the growing demand by our customers. We have a long term corporate relationship with ADCB and this partnership of distributing MDSA & EMSA will further strengthen this relationship."
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About ADCB:
ADCB was formed in 1985 and as at 31 March 2012 employed over 3,500 people from 49 nationalities, serving approximately 455,000 retail customers and over 34,000 corporate and SME clients in 47 branches, 4 pay offices and 1 service centre in the UAE, 2 branches in India and 1 offshore branch in Jersey. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 183 bn as at 31 March 2012.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2012, ADCB's market capitalisation was AED 17 bn.
For further details please contact
Corporate Communications
Majdi Abd El Muhdi
E: majdi.a@adcb.com
© Press Release 2012
