DUBAI, United Arab Emirates -- Abu Dhabi Islamic Bank says it has reached an agreement to buy the retail banking operations of Barclays Bank (BCS) in the United Arab Emirates for 650 million dirham, or roughly $177 million.
Abu Dhabi Islamic Bank says the acquisition, which is subject to UAE Central Bank approval, would result in 110,000 new customers. Those who move from the British bank to ADIB will have to adopt Islamic-compliant finance plans on their current interest payments from loans and credit cards.
ADIB currently has 600,000 customers in the UAE.
John Vitalo, Barclays CEO for the Middle East, said in a statement Sunday that the decision to exit UAE retail banking services allows the bank to focus on its businesses in corporate and investment banking, as well as investment management.