ADCB and Bank of America Merrill Lynch form strategic relationship

Press release

Published January 18th, 2011 - 12:38 GMT

During the agreement

Abu Dhabi Commercial Bank (ADCB) and Bank of America Merrill Lynch are pleased to announce a strategic relationship in the United Arab Emirates (UAE). The relationship allows Bank of America Merrill Lynch clients requiring services in the region access to the capabilities provided by ADCB. On the other hand, ADCB clients will have access to Bank of America Merrill Lynch’s global network of corporate banking and cash management capabilities.

At the core of the relationship is the establishment of a steering committee, comprising senior bankers from both organisations. This group is tasked with developing global working relationships and sharing opportunities.

Commenting on the agreement, Ala’a Eraiqat, Chief Executive Officer and ADCB board member said: “Today is an important day for the UAE banking sector. It brings together our bank’s extensive network in the UAE, our product suite and service excellence with the global reach of Bank of America Merrill Lynch – a truly win-win partnership. We look forward to working with Bank of America Merrill Lynch to provide their valued clients with world-class products and services.”

Joel Van Dusen, Global Head of Corporate Banking Coverage at Bank of America Merrill Lynch added: “At Bank of America Merrill Lynch, we are investing in bringing the right capabilities to our clients through our own global network or through relationships with best-in-class local banks. ADCB has demonstrated the highest standards in world-class banking services and products. We are delighted to offer our global clients access to their footprint, range of products and service standards.”

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.