At the same time that Jersey's Financial Services Commission signs a Memorandum of Understanding with the Emirate's Central Bank, a licence to operate on Jersey has been granted to the Abu Dhabi Commercial Bank (ADCB).
The ADCB is 58% owned by the Emirates Federal state government, is the second largest in Abu Dhabi and the third largest in the UAE.
This new licence enables ADCB to set up operations through a managed bank arrangement with AIB Jersey and offer multi-currency current accounts, deposit-taking products and term accounts to high networth individuals.
The Memorandum of Understanding signed between the two states means a formal arrangement now exists whereby the regulatory authorities will co-operate with each other on exchange of information and other supervisory matters.
Geoff Cook, Chief Executive of Jersey Finance, said the signing of this memorandum was the culmination of many years of collective efforts by Jersey government officials, Jersey Finance and the JFSC.
“The decision by ADCB to opt for Jersey as the location to establish its offshore banking offering reflects well on Jersey’s reputation in the Gulf region and will add appreciably to the potential for increasing banking business in the future.”
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