Two Abu Dhabi-based lenders Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are competing to purchase Barclays’ retail banking operations in the country, banking sources said.
The transaction will be based on bidding process and is expected to be finalised in April 2014.
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In September 2013, Barclays announced plans to sell its UAE’s retail banking operations including credit cards, mortgages, personal lending and deposit-taking operations, and retain two branches in the UAE.
The move by Barclays was primarily due to 2008-2009 financial crises, implementation of new rules in the country under the Basel III regime and high competition from local banks.
According to sources, around six local and international banks including Citigroup, Standard Chartered and Commercial Bank of Dubai had shown interest in acquiring the operations.
Barclays spokesman was quoted by Reuters as saying that Barclays is still in the process of assessing each of the bids.
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By GlobalData"Our focus is to ensure we do what’s best for our customers and employees," spokesman added.
