Adib takes over Barclays’s UAE retail operations – and staff

Abu Dhabi Islamic Bank (Adib) today announced in a statement that it had signed an agreement to acquire the retail banking business of Barclays Bank in the UAE. The acquisition is subject to UAE Central Bank approval.

“Adib is one of the leading retail banking operations in the UAE and this transaction is a perfect fit for our strategy as we expand into the expatriate market segment without disrupting our loyal existing customer base,” said Tirad Al Mahmoud, Chief Executive Officer, Adib.

“Our shared goal, with Barclays, is to ensure that the transition is as smooth and easy and we look forward to welcoming everyone to Adib,” he added.

Adib said in the statement that its intention is to offer employment to all Barclays’ retail employees who will operate out of the existing branches.

“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. These businesses are strong, performing well, and have significant future growth potential.

"The strong interest in Barclays’ UAE retail business is a testament to the high quality of our business, portfolio and talent. Until the transition is complete, we remain committed to fully servicing our clients”, said John Vitalo, CEO-Mena, Barclays Plc.

The statement added that Adib and Barclays will work together to ensure a seamless transition for customers.

After completion, Barclays’ customers will be able to access Adib’s network of 80 branches, 600 ATMs and the UAE’s top rated Internet and mobile banking platform.

 

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