Barclays sells UAE retail banking arm to Abu Dhabi Islamic Bank

06/04/2014 09:23 AST

Barclays Bank will sell its UAE retail banking operation to Abu Dhabi Islamic Bank (ADIB) for about Dh650 million to focus on other parts of its business where competition is not as stiff.

ADIB will take on about 110,000 extra customers from the purchase.

“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,” John Vitalo, chief executive of MENA, Barclays Plc, said in a statement.

“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.”

ADIB has been expanding its consumer banking business aggressively over the past couple of years, expanding its business into other emirates such as Dubai. Banks in the UAE, of which there are over 50, have been vying heatedly for retail customers since the financial crash of 2008 because the margins on that business are higher than loans to companies.

“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,” Tirad Al Mahmoud, Chief Executive Officer of ADIB, said.


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