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.
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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“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.