ADIB to buy Barclays' UAE retail business

ADIB to buy Barclays' UAE retail business

Published: April 6, 2014

AED650mn deal could see Abu Dhabi Islamic Bank gain 110,000 new customers.

Abu Dhabi Islamic Bank (ADIB) has agreed to buy Barclays' retail-banking business in the United Arab Emirates.

The acquisition will cost ADIB about AED650mn (US$177mn) and could result in the bank gaining 110,000 new customers.

In a statement announcing the deal, ADIB chief executive Tirad Al Mahmoud described the Barclays business as a "perfect fit" with ADIB's strategy to grow in the expatriate market. The bank plans to keep all Barclays staff employed in the branches.

John Vitalo, Barclays' CEO for the Middle East and North Africa, added: “The decision to exit the UAE retail-banking space, while not taken lightly, allows us to focus on our businesses in corporate and investment banking, and wealth and investment management."