Barclays sells its United Arab Emirates retail business

Barclays sign

Related Stories

Barclays has agreed to sell its retail banking arm in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB).

ADIB is paying £107m ($177m) for the business which has 110,000 customers. Most of those are expatriate workers.

Customers who move to ADIB will have to switch to finance schemes that are compliant with Islamic rules, which do not allow interest payments.

Barclays says the deal will allow it to focus on its corporate and investment banking operations in the region.

Strategic review

In February, Barclays Chief Executive Antony Jenkins announced the result of a strategic review, which looked at the company's 75 business units.

As a result Barclays has been focusing on markets where it believes it has scale and a competitive advantage.

In particular, the bank is concentrating its investment on the UK, US and Africa.

The review also resulted in thousands of job cuts.

ADIB is the biggest bank in UAE with 600,000 customers. Last year profits rose 21% to £238m.

More on This Story

Related Stories

More Business stories

RSS

Features

From BBC Capital

Programmes

  • Suspension bridge connecting mountain peaksThe Travel Show Watch

    Must-see global events including walking the first suspension bridge to connect mountain peaks

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.