The bank aims to provide UAE nationals and Abu Dhabi based expatriate client’s access to a wide range of ABCD products and services, as well as the convenience of banking with ADCB.
With offshore banking, clients have an option of operating multiple currency accounts from around the world, reducing the need to have multi-national accounts.
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Arup Mukhopadhyay, head of consumer banking at ADCB said, “With Offshore Banking, our customers will get local access to international wealth solutions from a secure and highly regulated jurisdiction.”
The bank decided to locate its offshore banking division on Jersey as the Channel Islands are renowned for being a stable and secure offshore financial centre..
Setting up operations out of Jersey will give customers peace of mind that their savings are held in a secure and highly regulated centre which is ideal for inheritance and estate planning.
An initial balance of US$25,000 is required to open an offshore banking account with ADCB. Clients can select from a range of accounts such as, current, savings and fixed deposits denominated in GBP, USD, EUR or any other major currency.
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By GlobalData“The biggest advantage for customers is the accessibility of ADCB Offshore Banking. Customers can access funds from any of ADCB’s local branches, via our ADCB personal internet banking facility and phone banking service,” added Mukhopadhyay.
