Barclays to sell UAE retail office

April 07, 2014 - 1:54:46 am

DUBAI/ABU DHABI: Barclays has agreed to sell its retail banking operations in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB) for an expected price of Dh650m ($177m), ADIB said yesterday.

The emirate’s largest Islamic bank said it aimed to acquire 110,000 customers through the deal, helping it expand into serving expatriates. ADIB currently has 600,000 customers.

Shares in ADIB, which are up 54 percent year-to-date because of the bank’s growth prospects, fell 0.6 percent in early trade on Sunday after the announcement of the deal, which is still subject to approval by the UAE’s central bank. Around half-a-dozen local and international banks, including Abu Dhabi Commercial Bank, Commercial Bank of Dubai , Citigroup and 

Standard Chartered, had expressed interest in buying the Barclays operations, according to banking sources.Reuters