Adib completes takeover of Barclays’ UAE retail unit

Abu Dhabi Islamic Bank (Adib) and Barclays on Monday announced the formal completion of sale of Barclays' UAE Retail Banking business with effect from September 1, 2014, said a press statement.

The two banks will now work closely to ensure the seamless transition of over 110,000 customers onto the Adib banking platform.

The statement said that to ensure an uninterrupted service, clients will be supported by the 145 staff who have joined Adib from Barclays while continuing to operate out of their existing branches in Dubai and Abu Dhabi. After the transition, Adib will serve over 700,000 customers across a network of 85 branches, 660 ATMs, internet and mobile platforms backed by two call centers.

Meanwhile, the British lender also on Monday announced sale of its operations in Spain to CaixaBank for about $1.1 billion in cash.

Adib profits in 2013 increased 20.7% to Dh1.45 billion over the previous year, and a 19.8% growth in assets to Dh103.2 billion.