British banking giant Barclays has completed the sale of its UAE retail banking business to Abu Dhabi Islamic Bank.
The sale, which was first announced in April this year, comes as Barclays restructures its business in the wake of regulatory fines and slashes assets in areas where it does not have a competitive edge.
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Barclays and ADIB in a statement said that they will now work closely to ensure the "seamless transition" of more than 110,000 customers onto the ADIB banking platform.
The statement said that to ensure an uninterrupted service, clients will be supported by the 145 staff who have joined ADIB from Barclays while continuing to operate out of their existing branches in Dubai and Abu Dhabi.
ADIB will serve over 700,000 customers across a network of 85 branches, 660 ATMs, internet and mobile platforms backed by two call centres after the transition.
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By GlobalData
