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Abu Dhabi Islamic Bank to buy Barclays UAE retail
Abu Dhabi Islamic Bank to buy Barclays UAE retail business for about $177 million
Associated Press
2014-04-06 11:01 PM

DUBAI, United Arab Emirates (AP) -- Abu Dhabi Islamic Bank says it has reached an agreement to buy the retail banking operations of Barclays Bank in the United Arab Emirates for 650 million dirham, or roughly $177 million.

The Abu Dhabi Islamic Bank says the acquisition, which is subject to UAE Central Bank approval, would result in around 110,000 new customers. Those who move from the British bank to ADIB will have to adopt Islamic-compliant finance schemes on their current interest payments from loans and credit cards.

ADIB currently has around 600,000 customers in the UAE.

Barclays CEO for the Middle East, John Vitalo, said in a statement Sunday the decision to exit UAE retail banking services allows the bank to focus on its businesses in corporate and investment banking, as well as investment management.

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