Barclays To Divest UAE Retail Banking Business

By Editorial 10 April, 2014

British bank Barclays has announced that it has agreed to sell its retail banking business in the United Arab Emirates to Abu Dhabi Islamic Bank for AED650m (USD177m).

Tirad Al Mahmoud, Chief Executive Officer of the ADIB, said: "ADIB is one of the leading retail banking operations in the UAE, and this transaction is a perfect fit for our strategy as we expand into the expatriate market segment without disrupting our loyal existing customer base."

John Vitalo, Chief Executive Officer, MENA, Barclays Plc, said that the decision to withdraw from the UAE's retail banking market allows the company to focus on its corporate and investment banking, and wealth and investment management operations.

ADIB is the UAE's largest bank with 80 branches and 600,000 customers. Its product suite ranges from current accounts to home finance, personal finance, car finance, education and travel finance.

The Sharia-compliant bank stands to acquire Barclays' 110,000 retail banking customers in the UAE if the deal is approved by the country's central bank.

Tags: United Arab Emirates | Investment | Business | Banking | Education | Retail | Expats | Banking |


News Archive