28 February 2010
Partnership between Abu Dhabi Commercial Bank and Schroder & Co Bank AG
Abu Dhabi, 28 February 2010: Abu Dhabi Commercial Bank (“ADCB”) and Schroder & Co Bank AG (“Schroders”) are pleased to announce the formation of an alliance to offer private banking and wealth management services to UAE clients out of Switzerland.
This partnership is in line with ADCB’s strategy of enhancing and complementing its on-shore Excellency proposition for high net worth clients in the UAE and provides Excellency customers ready access to an established and highly reputed Private Banking facility based in Switzerland. Structured as an alliance, this partnership is the outcome of a detailed study of several business models undertaken by ADCB, including setting up of an independent Private Bank or a Joint Venture operation in Switzerland, which indicated that the alliance partnership model being pursued by ADCB is the only sustainable and profitable route to a Private Banking offering in Switzerland for a UAE based bank like ADCB.
High net worth customers of ADCB will benefit from Schroders’ established private banking infrastructure, which have the main pillars of Private Banking; Confidentiality, Experienced Relationship Management, and Convenience, while Schroders will gain access to a market with one of the highest concentrations of wealthy individuals in the world, given ADCB’s strong market position and knowledge of the UAE market.
Speaking after signing the agreement with Schroders in Geneva on Friday, Feb 26, 2010, Ala’a Eraiqat, CEO of ADCB said “After stringent due diligence of several banks in Switzerland, we are delighted to have identified and partnered with Schroders as the most suitable partner for us in this venture. Not only do they have an excellent track record of client wealth preservation and accumulation – particularly during the recent financial and economic crisis – but from its operation in Switzerland we will also be able to offer our clients access to Schroders’ private banking centres in Singapore and London in due course. We believe this will further enhance the attractiveness of our total private banking offering to the widest possible audience”.
Luc Denis, CEO of Schroder & Co Bank AG commented “ADCB is the dynamic leader in commercial banking not just for Abu Dhabi, but across the UAE. We are delighted that they have chosen Schroders as a partner for the provision of private banking and wealth management services. After numerous meetings with ADCB’s management team, we realised that we truly share common views on values and customer service. We look forward to leveraging these common strengths and capabilities within our bank in Switzerland and across other private banking entities of Schroders to provide our clients with a unique service proposition.”
In developing and structuring the private banking partnership, ADCB was advised by Lansdowne Capital.
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