Abu Dhabi –  Abu Dhabi Commercial Bank (ADCB) has ended its operations in Jersey as a part of the bank's strategy to focus on the local market.

ADCB has exited its businesses from Jersey on 30 September 2020, a decision that will not have an impact on the bank's profitability, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

The active banking accounts of ADCB’s Jersey customers were transferred to the bank's UAE platform on 1 October 2020.

Meanwhile, the bank is seeking to voluntarily cancel its license from the Jersey Financial Services Commission (JFSC).

It is noteworthy to mention that in late September, the bank announced its exit from China, as the China Banking and Insurance Regulatory Commission (CBIRC) has approved the closure of the bank's branch in Shanghai.

Source: Mubasher

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