Barclays acquisition fails to excite ADIB Investors
Having completed the acquisition of Barclays retail banking division in the UAE late on Monday (September 1st), Abu Dhabi Islamic Bank has seen little change in its market growth.
By close on Tuesday, the Emirates’ largest Islamic bank saw a slight surge in value of 0.29 per cent.
The $177 million deal will give ADIB access to Barclays’ 110,000 customers in the Emirates, as well as 145 staff members that will continue to work from existing branches.
Having been hit with a $453m fine for its involvement in the Libor interest-rigging scandal back in 2012, Barclays has been stripping assets and jobs in an effort to boost profits.
As such, the ADIB deal is, in fact, overshadowed by a far larger sale that was also completed today, as Barclays announced the sale of its Spanish retail, wealth management and corporate banking business for $1.04 billion to CaixaBank.
Back in the UAE, boosted by the acquisition of Barclays, which was, in fact, agreed in April 2014, the year so far has seen ADIB earn $235m in profits, a surge of 21.5 per cent from H1 2013.