Abu Dhabi Islamic Bank to open in London

Abu Dhabi Islamic Bank (ADIB) is planning to expand its wealth management and private banking division with a new office in London and further units across the Middle East, Asia and mainland Europe, a senior executive told Arabian Business in an interview.

“From a private banking perspective, I have three offices across the UAE but we need to have a way [of]booking assets in other parts of the world so we are just in the process of opening our branch in London, which we can use as a service centre when our clients visit during the summer,” said Stuart Crocker, head of ADIB’s wealth management and private banking.

In addition to the new UK base, Crocker said the Islamic lender is also planning to open more offices in the region and in Europe and Asia.
“We are certainly going to be looking at various locations across the Middle East and we will share that information in due course.
“We also need to have a few international booking centres and it would make sense to have something in Switzerland and it would make sense to have something in the Far East, somewhere like Singapore,” he said.Last year, the bank also launched a concierge service for its private banking clients, branded as ADIB Lifeestyle, and it is planning to roll out this service this year.

“We have formed ADIB Lifestyle, if you would like us to organise your daughter’s wedding we can do it [or] we can charter planes... we launched it a year ago,” Crocker said.

ADIB in February reported a 2011 fourth quarter net profit growth of 35 percent, helped by higher fee and commission income and lower provisions.
The lender made AED338.6m (US$92.3m) in the last three months of 2011, compared with AED250.6m a year earlier, it said in a statement, as fees, commissions and foreign exchange rose 11.3 percent.

“ADIB’s enhanced transaction banking and advisory-based investment banking franchises more than compensated for the decline in personal banking fees,” the bank said.