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Abu Dhabi – Abu Dhabi Commercial Bank (ADCB) decided to exit its operations in Jersey in a bid to focus on its operations in the UAE.
The Jersey Financial Services Commission has been informed of the decision, and customers and other stakeholders will be notified in a timely manner, the bank said in a statement to the Abu Dhabi Securities Exchange (ADX) on Tuesday.
“The process of discontinuing our operations in Jersey will be conducted over an extended timeframe,” the bank noted, affirming that “during the period until discontinuation, there will be no changes to products and services.”
It is worth mentioning that for the full-year 2019, ADCB reported net profits of AED 4.79 billion, down from AED 6.126 billion in the previous year.
Source: Mubasher
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