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Thomas Hirschi Resigns as Executive Director Of Banking & Insurance

ADGM FSRA 08/07/2019

8 July 2019, Abu Dhabi - UAE:Abu Dhabi Global Market, the International Financial Centre of Abu Dhabi, has announced that Mr Thomas Hirschi has served notice of his resignation as Executive Director of Banking & Insurance of Financial Services Regulatory Authority, and will leave the FSRA in Q4 2019. Mr Hirschi will return to Switzerland, where he will become a member of the Executive Board of the Swiss Financial Market Supervisory Authority FINMA, as the new Head of the Asset Management Division, with effect from 1 January 2020.

Richard Teng, CEO of the FSRA, said: “As a core member of the FSRA management team, Thomas was instrumental in the formulation of framework, policies and processes governing licensing and supervision of banks and insurance intermediaries. While his departure is a loss to the team, we are glad that he has been presented with the opportunity to shape the asset management landscape in Switzerland as an Executive Board member of FINMA. We wish him all the best in his future endeavours and look forward to the continued collaboration with FINMA.”

Mr Hirschi joined the FSRA in October 2015 where he was responsible for the authorisation and supervision of banks and insurance firms in ADGM, in line with international best practices. He has been instrumental in the build-out of the FSRA’s structures and processes, including the establishment of the Financial Crime Prevention Unit.

During his tenure, Mr Hirschi oversaw the authorisation of banks and insurance entities including  Bank Lombard Odier & Co. Limited, BNP Paribas S.A., Citibank N.A., HSBC Bank M.E., State Street Global Advisers, , Unicredit S.p.A., ADNOC Reinsurance Limited, Mubadala (Re)insurance Limited, Marsh Management Services to name a few.

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About Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015.  Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.

 

ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.  

 

Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*   For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM

 

* Source : The Global Investor Middle East and North Africa (MENA) Awards

For further enquiries, please contact:

Joan Lew

joan.lew@adgm.com