ADCB Expands Corporate Banking Operations in Central Asia with $1.751 Trillion Investment
Abu Dhabi Commercial Bank PJSC (ADCB) is set to bolster its strategic footprint in Central Asia’s thriving $1.751 trillion economy by launching a corporate banking hub in Kazakhstan.
Utilizing its extensive network and expertise, ADCB aims to support businesses fueling Central Asia’s rapid economic growth, driven by major infrastructure projects, rising domestic and foreign investments, abundant natural resources, and a young, skilled workforce.
ADCB’s subsidiary in Kazakhstan, currently named Al Hilal Islamic Bank JSC, will be rebranded to align with ADCB’s Islamic Banking division, offering a comprehensive range of corporate financial products and services. Concurrently, ADCB will phase out its retail banking services in Kazakhstan, presently managed by Al Hilal Islamic Bank JSC, while assisting retail clients in transitioning to alternative banking solutions, in close cooperation with regulatory authorities.
Ala’a Eraiqat, CEO of ADCB Group, highlighted that ADCB’s strategic move into Central Asia represents a significant milestone, demonstrating the bank’s dedication to growth and its ability to open new opportunities for corporate clients. He emphasized that ADCB’s expanded presence in Kazakhstan, coupled with its extensive network in the UAE and the Middle East, positions the bank uniquely to support businesses across key economic corridors. He expressed enthusiasm for leveraging ADCB’s expertise to enhance trade and investment flows.
From its Kazakhstan hub, ADCB will offer an expanded suite of Shari’ah-compliant corporate banking services, including diverse financing options and cash management solutions. As a leading bank in the UAE, ADCB also maintains a robust presence in Egypt and has recently received regulatory approval to enter the Saudi Arabian market.
In the UAE, Al Hilal Bank will continue its focus on becoming a premier digital Shari’ah-compliant retail bank. Since joining the ADCB Group in 2019, Al Hilal Bank has accelerated the adoption of advanced digital technologies to offer unique customer propositions, benefiting from the scale and capabilities of the broader ADCB Group.
ADCB ranks among the largest banks in the UAE, boasting $167 billion in assets as of June 2024. Listed on the Abu Dhabi Securities Exchange (ADX), ADCB has a solid shareholder base, predominantly owned by Mubadala Investment Company, Abu Dhabi’s sovereign investor. Recently, Fitch and S&P affirmed ADCB’s credit ratings at ‘A+’ and ‘A’, respectively, highlighting the bank’s stability and security on a global level.
Established in 2010 as the first Islamic bank in Kazakhstan and the Commonwealth of Independent States, Al Hilal Islamic Bank was acquired by ADCB as part of its acquisition of Al Hilal Bank in 2019.
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