Abu Dhabi Islamic Bank (ADIB) signs AED 650 million deal for Barclays' retail unit in the UAE [CPI Financial]
(CPI Financial Via Acquire Media NewsEdge) Abu Dhabi Islamic bank has signed an agreement to acquire the retail banking business of Barclays Bank in the UAE. The transaction is expected to result in ADIB gaining 110,000 customers at a cost of AED 650 million. The acquisition is subject to approval by the Central Bank of the UAE.
ADIB intends to offer employment to all Barclays' retail employees who will continue to operate out of the existing branches. On completion, Barclays' customers will be able to access ADIB's network of 80 branches, 600 ATMs and the bank's internet and mobile banking platform.
Tirad Al Mahmoud, Chief Executive Officer of 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. Once completed, Barclays' customers will enjoy access to one of the three largest branch networks in the country along with an enhanced range of market-leading financial solutions backed by ADIB's number 1 rated customer service. Our shared goal, with Barclays, is to ensure that the transition is as smooth and easy and we look forward to welcoming everyone to ADIB."
"The decision to exit the UAE retail banking space, while not taken lightly, allows us to focus on our businesses in Corporate and Investment Banking and Wealth and Investment Management. These businesses are strong, performing well, and have significant future growth potential. The strong interest in Barclays' UAE retail business is a testament to the high quality of our business, portfolio and talent. Until the transition is complete, we remain committed to fully servicing our clients", said John Vitalo, Chief Executive Officer, MENA, Barclays Plc.
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