ADCB Group, Including Al Hilal Bank, Makes Employment Commitment in Response to COVID-19

Press release

Published March 30th, 2020 - 12:33 GMT

ADCB Group, Including Al Hilal Bank, Makes Employment Commitment in Response to COVID-19

Abu Dhabi Commercial Bank

Highlights

ADCB Group, including Al Hilal Bank, today made a commitment to ensure the continuity of employment at the Bank, pledging that no employee will be made redundant during 2020 as a result of the COVID-19 pandemic.

H. E. Khaldoon Al Mubarak, Chairman of ADCB Group, commented:

“The banking sector plays an important role in ensuring UAE residents and businesses are supported in these challenging times and ADCB Group recognises the importance of expressing solidarity with our employees and their families as they carry out their roles in this challenging period.

Following directions from the Board, ADCB Group is making a pledge that no employee will be made redundant during 2020 as a result of the COVID-19 pandemic. The Bank will also continue to implement initiatives to drive greater efficiency and protect the value of our businesses. ADCB Group is a values-driven organisation and these actions reflect our principles of integrity and care. Supporting the wellbeing of our customers, partners and employees remains our highest priority.

We would like to extend our gratitude to all the people working across the country especially those who are protecting our health and safety on the frontlines of the battle against COVID-19.”

ADCB continues to collaborate with all UAE government agencies and other leading private sector companies to ensure a swift and effective response to the economic challenges this health challenge is bringing.

ADCB Group is actively participating in a package of financial incentives in line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council.

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.

Company Profile

Al Hilal Bank

Al Hilal Bank is owned in full by the Abu Dhabi Investment Council, which is the investment authority of the Government of Abu Dhabi. The bank is working with an authorized capital of 4 billion Dirhams, and is authorized to operate as an Islamic trading bank. Al Hilal Bank aims to become the leading financial institution in the region and to increase the growth of Islamic banking with a new direction, towards new technologies and special services.