Published: June 17, 2010
UAE bank to buy retail business.
Abu Dhabi Commercial Bank (ADCB) has agreed to buy The Royal Bank of Scotland’s retail business in the UAE in a deal believed to be worth US$100mn.
This will be the first acquisition of an international bank’s retail franchise by a local UAE organisation and is part of ADCB’s strategy of expanding its consumer banking business.
The acquisition will add more than 250,000 customers, 51 ATMs, three branches and two customer service centres to its business.
ADCB was advised by David Higgins, a partner at law firm Freshfields Bruckhaus Deringer. He says the transaction is important for the bank to grow its business in the UAE and is an “historical cross-border transaction and a first-of-its-kind deal in the UAE”.