2019 Annual Report

ADCB supports ADNOC Distribution’s business in the UAE and helped them in their ambition to build state-of-the-art treasury management capabilities. ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX) and majority owned by ADNOC Group, is the leading fuel distributor and convenience store operator in the UAE, as well as the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE.

Given their desire to automate complex financial reconciliations, ADNOC Distribution was a perfect candidate for ADCB’s new and unique Virtual Accounts solution. ADCB was the first bank in the UAE to launch this highly sophisticated digital capability in 2019. The service provides companies with greater control and visibility over their cash management processes, as well as improving the efficiency of their banking relationships.

Virtual accounts can be linked to a single, or multiple physical accounts and have a real IBAN allowing clients to receive payments and easily reconcile them. By reducing the need for physical accounts, the service promotes clarity and saves cost without compromising on functionality or reporting.

Using our Virtual Accounts solution, ADNOC Distribution benefits from tighter control of their cash management and better liquidity by automating and speeding up the accounts receivable reconciliation process for major corporates. Petri Pentti, ADNOC Distribution’s Chief Financial Officer, said: “Implementing Virtual Accounts was simple and immediately beneficial to our accounts receivables process, delivering efficiencies and value for our business.”