Channel Islands law firm Carey Olsen has advised Abu Dhabi Commercial Bank (ADCB) on the establishment of a new bank branch in Jersey – the first bank to open in Jersey for two years. The Jersey Financial Services Commission has granted ADCB a banking licence and it will be operating as a managed branch with AIB Jersey as branch manager.
Carey Olsen corporate and finance group partner, Alan Stevens, led the team advising ADCB which included associate John Sidoti. There have been no new deposit takers in Jersey since 2009 when Carey Olsen acted for BNP Paribas Securities Services SA on the bank’s move to the Island.
Mr Stevens said: “The fact that Carey Olsen has advised the only two banks to set up Jersey branches in the past two years demonstrates that the industry recognises the strength and expertise of our banking and finance team.
“It is also a significant development for Jersey as it reflects the security and stability of the island as a leading offshore financial centre and highlights Jersey’s reputation in the Gulf region,” added Mr Stevens.
ADCB is the third largest bank in the United Arab Emirates and second largest in Abu Dhabi by assets. It is a full service commercial bank which is 58% owned by the Abu Dhabi government through the Abu Dhabi Investment Council.
Arup Mukhopadhyay, head of consumer banking at ADCB, said: “The launch of offshore banking through our Jersey Branch is a testament to ADCB’s continued commitment to the UAE banking sector and is expected to facilitate further positive growth in the industry. With offshore banking our customers will get local access to international wealth solutions from a secure and highly regulated jurisdiction.”