The decision to exit Jersey was announced in February 2020 itself and the bank had said then that the decision was driven by the bank’s strategy to focus on its home market, the United Arab Emirates (UAE).
It was about a year ago, ADCB announced its plans to exit Indian operations too by selling its assets to DCB Bank as part of its strategy to focus on its home market in the UAE.
“Exiting Jersey operations will have negligible impact on the Bank’s profitability,” the bank said in its filing to Abu Dhabi Securities Exchange (ADX) where the bank’s shares are listed.
ADCB has been communicating regularly to customers and other stakeholders about the closure of its operations in Jersey. The bank said the active banking relationships of ADCB’s Jersey customers were seamlessly transferred to the bank’s UAE platform on October 1 2020.
The discontinuation of ADCB’s operations in Jersey was conducted in accordance with guidelines established by the Jersey Financial Services Commission (JFSC). “The Bank is in the process of seeking a voluntary cancellation of its licence from the JFSC,” the statement added.