Abu Dhabi's ADIB takes on Barclays' UAE retail banking ops

Islamic bank announces formal completion of deal with UK giant; says working to ensure 'seamless transition' of 110,000 customers
Abu Dhabi's ADIB takes on Barclays' UAE retail banking ops
By Andy Sambidge
Mon 01 Sep 2014 06:22 PM

Abu Dhabi Islamic Bank (ADIB) and Barclays on Monday announced the formal completion of the sale of the UK banking giant's UAE retail banking business with immediate effect.

ADIB and Barclays said in a statement that they will now work closely to ensure the "seamless transition" of more than 110,000 customers onto the ADIB banking platform.

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, the statement added.

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 centres.

In May, ADIB said it had received regulatory approval from the UAE central bank for its purchase of Barclays' retail operations.

The largest sharia-compliant lender in the emirate agreed a AED650m ($177m) deal with the British bank in April following a competition in which both local and international players showed interest.

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