ADCB to Exit China
Posted on 09/29/2020
Abu Dhabi Commercial Bank PJSC (ADCB) received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to close its operations in China, specifically its bank branch in Shanghai. ADCB plans to focus on its domestic market. In 2019, the branch’s ownership was moved to the Emirati bank through the merger with Union National Bank (UNB). Earlier in 2020, ADCB closed operations in Jersey and is leaving markets in Kuwait and Qatar.
ADCB is majority owned by the Abu Dhabi Investment Council (ADIC). ADIC is owned by Mubadala Investment Company.