Scam alert: Abu Dhabi Global Market issues warning after bank’s Rothschild link claim

Abu Dhabi’s new financial centre has issued a scam alert about a bank claiming to be based there. Regulators for Abu Dhabi Global Market (ADGM) say the company, Rothschild Gulf Investment Bank, could be involved in organised crime. In a statement issued on Wednesday, watchdog the Financial Services Regulatory Authority said: “RGIB has claimed on its website that it maintained private offices in the ADGM on Al Maryah Island and provided financial services. This claim has now been removed from its website.” It added: “The FSRA is concerned that RGIB is misrepresenting itself. Furthermore, such misrepresentations may be linked to other illegal activities.” Rothschild Gulf Investment Bank has no connection to Rothschild (Middle East) Limited, the UAE subsidiary of global financial firm Rothschild & Co.