Abu Dhabi Commercial Bank on Thursday confirmed it was in talks to buy the retail operations of Royal Bank of Scotland in the UAE. "ADCB... can confirm that the bank is holding discussions with the Royal Bank fo Scotland (RBS) which may or may not lead to the acquisition of RBS retail banking business in the UAE," the UAE lender said in a statement.
The retail operations of RBS consist of three branches, an ATM network and a wealth management business.
Edinburgh-based RBS, owned by the UK government, is exiting several businesses across the globe where it is not market leader, as part of a strategic plan announced in 2009. (Reuters)
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