Deutsche Bank and Abu Dhabi Commercial Bank PJSC (ADCB) today signed a Memorandum of Understanding to use Deutsche Bank’s Autobahn App Market, the first App-based electronic offering for clients in the financial industry. This will enable ADCB to connect to Deutsche Bank and its broad range of electronic products and services via one common access point.
ADCB the fourth largest bank in the UAE and the third largest bank in Abu Dhabi was incorporated in 1985 and is a diversified full service bank active in all banking services that span corporate, retail and commercial banking as well as in the areas of treasury derivatives, infrastructure finance, private banking and wealth management. ADCB’s franchise is supported by a network of 320 ATMs and over fifty branches in the United Arab Emirates as well as two branches in India and one branch in Jersey.
With 165 Apps, Deutsche Bank’s Autobahn App Market will connect ADCB to electronic transaction banking services via one point of access. In a competitive marketplace that demands innovation, Deutsche Bank’s Autobahn App Market provides direct access to research, analytics, data and pricing tools on a single platform, allowing ADCB to track performance, streamline daily workflows, mitigate risk and increase efficiencies.
Padmanabha Mishra, Head of Financial Institutions at ADCB, said, “At ADCB we are focused on providing the most innovative solutions to the market. Embracing the latest technology and platforms is of critical importance to achieve a competitive edge. With this in mind, we chose to expand our relationship with Deutsche Bank by leveraging its Autobahn App Market to enhance our ability to access more information online. We look forward to continuing to benefit from Deutsche Bank’s market-leading product and service innovation.”
Wolfgang Wagner, CEEMEA Head for Cash Management Financial Institutions, Global Transaction Banking at Deutsche Bank, said, “We are pleased to support Abu Dhabi Commercial Bank in their need for a customised information platform. We are committed to providing innovation and tangible results to our clients in the Middle East and around the world.”
Through our wide range of cash management, trade finance, trust and securities services, our Global Transaction Banking business helps companies all over the world to focus on achieving their business goals. Every day, in multiple locations, we process and clear domestic and cross-border payments, facilitate transactions for global trade and act as trustee, agent and custodian for clients. In transaction banking, the visibility we gain on our clients’ financial landscape puts us in a unique position to identify risks as well as opportunities for bottom line growth. By working in close partnership with the rest of the Bank, we help our clients optimise every opportunity.
ADCB was formed in 1985 and as at 30 June 2013 employed over 3,000 people from 55 nationalities, serving over 500,000 retail customers and approximately 39,000 wholesale clients in 50 branches, 3 pay offices in the UAE and 2 branches in India and 1 branch in Jersey. By assets, it is the fourth largest bank in the UAE and third largest in Abu Dhabi, at AED 175 bn as at 30 June 2013.
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 and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2013, ADCB’s market capitalisation was AED 27 bn.