Abu Dhabi Islamic Bank (ADIB) has completed the buyout of Barclays’ retail banking business operations in the UAE with immediate effect, the lender said in a statement.
Both the banks will now work closely to ensure the transition of over 110,000 customers onto ADIB banking platform as part of a deal signed in April this year.
Clients will be helped to transition 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.
Following 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.
ADIB agreed to buy Barclays’ retail banking unit in the UAE for Dhs650 million after a competitive bidding process that saw a number of international and local banks showing interest.
The largest sharia compliant lender in Abu Dhabi said in May that it received the regulatory approval from the UAE’s central bank for the purchase of Barclays retail banking business.
The british lender announced last September, its intentions to offload its retail portfolio in the UAE that includes credit cards, mortgages, personal lending and deposit-taking operations.
“The decision to exit the UAE retail banking space, while not taken lightly, allows us to focus on our businesses in corporate and investment banking and wealth and investment management,” John Vitalo, chief executive for Barclays in the region, said in an earlier statement.
“These businesses are strong, performing well, and have significant future growth potential.”
ADIB’s acquisition comes at a time when the UAE banks have been expanding to keep pace with the competition in the country.