UAE-based Abu Dhabi Commercial Bank (ADCB) has decided to bid adieu to Qatar and Kuwait and instead focus on its home market.
The Abu Dhabi-headquartered lender has already started the process for quitting the two markets and informed the concerned authorities about the same.
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The recent move comes after the ADCB divested majority of its banking operations in India to commercial lender DCB Bank in September this year.
Notably, ADCB, which concluded a three-way merger with local rivals Al Hilal Bank and Union National Bank (UNB) in May this year, witnessed a 13% decrease in net profit in the third quarter of 2019.
In July, Bloomberg reported that ADCB is planning to axe up to 2,000 jobs as a part of a previously completed merger process.
ADCB Group CEO Ala’a Eraqait said: “I am pleased to announce that ADCB’s end-to-end integration timeline has been reduced by half to 17 months, bringing forward the completion date to the second quarter of 2020.
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By GlobalData“The bank is quickly moving to realise synergies, and our commitment to a rapid and effective integration has already delivered significant savings,” Eraqait added.
ADCB currently manages a network of 72 branches and over 450 ATMs across the UAE. It has 1,397 employees who are UAE citizens.
