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Barclays Agrees to Sell U.A.E. Retail Banking Business

Barclays Plc (London) has agreed to sell its United Arab Emirates retail banking unit to Abu Dhabi Islamic Bank PJSC, according to Bloomberg.

Pending regulatory approval, Abu Dhabi Islamic Bank will add 110,000 customers and absorb all of Barclays’ U.A.E. retail staff in the $177 million deal.

John Vitalo, Barclays’ ceo for the Middle East and North Africa, said the sale will allow Barclays to focus on its corporate and investment banking services and its wealth and investment management.

Sarah Whitman

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Sarah Whitman
10 years ago

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