Abu Dhabi Commercial
Bank (ADCB) has rolled out what it says is the first current
account in the United Arab Emirates (UAE) free of charges for all
of its retail banking customers.

According to ADCB, the
product launch will boost its account switching efforts and give it
first mover advantage in the UAE market.

Arup Mukhopadyay, head
of consumer banking at ADCB, said:

“Customers are always
looking for lower fees and better service, and rightly so. As one
of the UAE’s leading banks it is important that we listen to the
market and react to its demands.

“By launching the new
free banking structure, our retail customers will not only benefit
from our superior service and wide range of products, but can also
enjoy all of that for free.”

In the six months to 30
June, ADCB posted a net profit of AED1.92bn ($522.7m) compared to a
net loss of AED306m in the corresponding period last

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

ADCB acquired the UAE
retail banking, wealth management and SME businesses of Royal Bank
of Scotland last October.

Positive first half
metrics included a 10% year-on-year increase in total customer
deposits to AED106bn; ADCB’s loans to deposit ratio also moved in
the right direction, falling 13 percentage points from 123% to

ADCB is the third
largest bank in the UAE by assets, serving 480,000 retail banking
customers via a 45-branch-strong network.