Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) established a hub in Kazakhstan for its Shari’ah-compliant corporate banking services, according to a press release.
The hub aligns with the DFM-listed lender’s objectives to expand its strategic presence in Central Asia, a $1.75 trillion economy.
ADCB will deploy its expertise and extensive network to support the growth ambitions of companies participating in Central Asia’s rapid economic development.
Through its hub in Kazakhstan, ADCB will provide clients with a wide range of Shari’ah-compliant corporate banking services, including various financing structures and cash management solutions.
The group’s subsidiary in Kazakhstan, which is currently known as Al Hilal Islamic Bank, will be rebranded to offer corporate financial products and services under ADCB’s Islamic Banking arm.
Ala’a Eraiqat, CEO of ADCB Group, said: “Through a renewed presence in Kazakhstan, combined with our network in the UAE and broader Middle East region, ADCB is uniquely positioned to support companies operating along key regional economic corridors.”
“We look forward to leveraging the Bank’s expertise and sophisticated offering to play an increasingly prominent role in facilitating trade and investment flows,” Eraiqat added.
In the first half (H1) of 2024, ADCB logged net profits before tax valued at AED 5.02 billion, an annual rise of 28% from AED 3.92 billion.
