Abu Dhabi Commercial Bank finalised a deal to buy Royal Bank of Scotland’s UAE retail units
Abu Dhabi Commercial Bank announced that has finalised a deal to buy Royal Bank of Scotland’s UAE retail arm for around $100 million, in order to expand its domestic footprint.
As part of the deal, ADCB will acquire three branches along with 250,000 customers. The $100 million deal, which is expected to close within four months, will be financed from internal cash resources, the lender said.
ADCB is one of two regional banks that led the negotiations between Dubai World and its creditors. Currently, ADCB is the third-largest bank by market value, according Reuters.
The bank is one of the most exposed to Dubai World and posted a 36-percent drop in first-quarter net profit in April.
Edinburgh-based RBS is selling several global activities as part of a strategic plan announced in 2009.
The deal will give ADCB a 15-percent market share in the UAE credit card market, the CEO said.
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