Abu Dhabi Commercial Bank Starts Private Banking Offering

Tom Burroughes

17 February 2016

Abu Dhabi Commercial Bank has launched a private banking proposition via the United Arab Emirates, highlighting continued business growth in the region. The new service is called ADCB Private.

Mark Peters has been hired to head the operation, holding the title of head of private clients and wealth management. Peters' banking career spans 25 years, including senior international assignments with Goldman Sachs, Citigroup Private Bank, Jefferies Credit Suisse First Boston and Deutsche Bank.

The new offering will be pitting itself against regional private banking houses such as Emirates NBD and NBAD as well as international banks with a footprint in the GCC region, such as HSBC, REYL, Nedbank Private Wealth, Standard Chartered, Lombard Odier, Royal Bank of Canada, LGT and Banque Internationale a Luxembourg, among others.

“The new proposition offers tailored holistic financial solutions to high net worth customers, which meets their complex and sophisticated requirements and provides convenient access to global investment and capital market opportunities. In addition to wealth strategies, asset management, succession planning solutions, delivered through highly experienced partners, the new service provides tailored lending solutions and lifestyle privileges, complemented by proactive personal service,” the firm said in a press release.

ADCB Private customers will have access to ADCB Private's concierge service by Quintessentially Lifestyle and also receive an ADCB Private World Elite MasterCard, which is made of titanium alloy and is the first metal card to be offered by a bank in the region, it said.