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ABU DHABI / WAM
Abu Dhabi Commercial Bank (ADCB) announced it has become the first local bank to establish its presence in Abu Dhabi Global Market (ADGM), by opening its flagship private banking centre within the new asset management subsidiary.
ADCB is the first local bank to obtain the ADGM Financial Services licence required to conduct regulated activities from the ADGM including, among others, asset management services. The licence was issued by the Financial Services Regulatory Authority (FSRA) of ADGM, which supervises registered financial institutions, companies and entities, allowing them to conduct regulated financial activities within an international regulatory framework, based on Common Law.