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ADIB takes over Barclays retail banking as shares dip

: Sunday, April 06 - 2014 @ 17:46

The Abu Dhabi Securities Exchange General Index (ADXGI) closed 0.87 per cent higher at 4,966.36 points on Sunday, April 6. RAK Properties surged by 13.68 per cent to AED1.33. Abu Dhabi Islamic Bank (ADIB) fell by 0.57 per cent to AED7.02. Earlier in the day, ADIB said it agreed to buy the retail banking operations in the UAE from British lender, Barclays, for AED650 million ($177m). ADIB said that, through the transaction, approximately 110,000 customers would be switched from Barclays to join ADIB. The acquisition is subject to approval by the UAE central bank.

Gérard Al-Fil

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Sunday, April 6- 2014 @ 17:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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