Friday 27 November 2020

ADCB in deal to sell majority of its India banking portfolio

ABU DHABI, September 11, 2019

Abu Dhabi Commercial Bank (ADCB) has agreed to sell the majority of its India banking portfolio to DCB Bank and will exit its operations in India subsequent to the transaction, subject to regulatory approvals. 
In a statement posted on the Abu Dhabi Securities Exchange website, the bank said that this decision will have no impact on the bank’s profitability and is driven by ADCB Group’s strategy to focus on its home market, the UAE.
The banking portfolio that is being sold to DCB Bank comprises Dh355 million ($97 million) in assets and Dh601 million ($164 million) in liabilities, and the sale will be made at par, said the statement.
ADCB’s priority remains to provide an excellent service to its customers throughout the transition period and to ensure a smooth migration to DCB Bank, it added.-TradeArabia News Service


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