Abu Dhabi Islamic Bank (ADIB) has signed an agreement to acquire the retail banking business of Barclays Bank in the UAE for AED650m ($177m).
The acquisition, subject to UAE central bank approval, will give ADIB an additional 110,000 customers.
The lender plans to retain all of Barclays retail employees and the existing branches, it said in a statement.
This transaction is a perfect fit for our strategy as we expand into the expatriate market segment without disrupting our loyal existing customer base, says Tirad al-Mahmoud, CEO of ADIB.
ADIB is also exploring the possibility of setting up retail operation in Iraq, Al-Mahmoud told MEED in November.
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.