Abu Dhabi Islamic Bank (ADIB) had entered into a deal with Barclays Bank to purchase its retail banking business in the UAE for an estimated price of $177m.
The deal will allow ADIB to expand its customer base by 110,000 customers, apart from existing 600,000 customers.
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ADIB and Barclays will work together to ensure smooth transition for customers. ADIB also intends to offer employment for all Barclays’ retail employees who will operate out of the existing branches.
Following the completion of the sale, which is subject to UAE Central Bank approval, Barclays’ customers will be able to access ADIB’s network of 80 branches, 590 ATMs and internet and mobile banking platform.
Additionally, Barclays’ customers will benefit from ADIB’s range of products including current accounts, home finance, personal finance, car finance, education and travel finance and co-branded cards with Etihad and Etisalat.
ADIB CEO, Tirad Al Mahmoud, said this transaction is a perfect fit for their strategy as they expand into the expatriate market segment without disrupting their loyal existing customer base.
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By GlobalDataBarclays Bank Middle East and North Africa CEO, John Vitalo, said the decision to exit the UAE retail banking space, while not taken lightly, allows them to focus on their businesses in corporate and investment banking and wealth and investment management.
