02 October 2011
ADCB launches FREE BANKING to retail customers
- In a bold and innovative move ADCB becomes the first bank in the UAE to remove charges for personal banking
- ADCB gains first mover advantage in the UAE’s banking sector
Abu Dhabi, 2 October 2011: Abu Dhabi Commercial Bank (“ADCB”) today announced the launch of Free Banking to all its retail customers. Under the new structure, ADCB will not charge retail banking customers fees for transactions and services on their personal current and saving accounts. The launch is a revolutionary concept which will have a positive impact on retail customers, marking the first time this has been implemented by a UAE bank.
Specifically, all existing and new ADCB retail customers will pay no fees for a large number of previously charged banking activities*. The new fee structure will apply to ADCB’s personal current and saving accounts. The service will instantly benefit existing customers, whilst attracting new customers to transfer their banking relationship to ADCB, enabling the Bank to create a strong and sustainable relationship and further strengthening ADCB’s retail banking franchise.
Commenting on the launch, Arup Mukhopadyay, Head of Consumer Banking at ADCB, said: “Customers are always looking for lower fees and better service, and rightly so. As one of the UAE’s leading banks it is important that we listen to the market and react to its demands. By launching the new Free Banking structure, our retail customers will not only benefit from our superior service and wide range of products, but can also enjoy all of that for free.
Commenting on the launch, Ala'a Eraiqat, CEO and Board Member of ADCB, said: “Our strategic decision to launch Free Banking, not only achieves transparency and greater service for our customers, but facilitates further positive growth in the UAE banking industry. We are the first and only Bank in the UAE to offer such a fee structure, a testament to ADCB’s continued dedication to the banking sector and its relationship with those living across the Emirates.