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.
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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
year.
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By GlobalDataADCB 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
110%.
ADCB is the third
largest bank in the UAE by assets, serving 480,000 retail banking
customers via a 45-branch-strong network.
