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Abu Dhabi bank ADCB says no layoffs in 2020 due to Covid-19 impact

Abu Dhabi bank ADCB says no layoffs in 2020 due to Covid-19 impact

The lender, the third largest in the UAE, is also participating in a package of financial incentives

Abu Dhabi lender ADCB Group – which includes Al Hilal Bank – has announced that no employee will be made redundant during 2020 as a result of the Covid-19 pandemic.

The group is also actively participating in a package of financial incentives in line with the directives issued by the government, it said in a statement.

“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,” it said.

Last year, Abu Dhabi Commercial Bank (ADCB) merged with Union National Bank (UNB) and the combined entity acquired Al Hilal Bank to create the UAE’s third-biggest lender with $110bn in assets.

Khaldoon Al Mubarak, chairman of ADCB Group, said: “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.

“The bank will also continue to implement initiatives to drive greater efficiency and protect the value of our businesses,” he added.

Earlier this week, Ajman Bank also announced that it would not layoff any of its employees this year due to the crisis.

Read: Ajman Bank says it will not lay off any of its employees in 2020

The UAE has announced an economic stimulus of Dhs126bn to support businesses hit by the Covid-19 pandemic.

Abu Dhabi and Dubai have also announced separate measures.

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