UK bank will focus on corporate and investment banking
UK-headquartered Barclays has formerly completed the sale of its UAE retail banking business to Abu Dhabi Islamic Bank (ADIB).
The agreement came into effect from 1 September 2014. Barclays received AED596m ($162.3m) for the business and the transaction will be included in ADIBs third-quarter results this year.
More than 110,000 Barclays customers will now be transferred onto the ADIB banking platform. A total of 145 staff have joined ADIB from Barclays to operate from their existing branches in Dubai and Abu Dhabi.
Barclays announced in September 2013 that it had decided to exit the UAE retail banking sector in order to focus on its corporate and investment banking, and wealth and investment management businesses.
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