ADIB buys Barclays UAE retail business

April 7, 2014 9:39 am

Abu Dhabi Islamic Bank (ADIB) has agreed to buy the UAE retail banking business of Barclays Plc for Dhs650m ($177m) as the UK’s second-biggest lender by assets shrinks its business, Bloomberg has reported. ADIB said it will add 110,000 customers and absorb all of Barclays’ UAE retail staff following the transaction. The deal is subject to regulatory approval.