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Abu Dhabi Islamic Bank announces agreement to buy Barclays UAE retail

DUBAI, United Arab Emirates--Abu Dhabi Islamic Bank says it has reached an agreement to buy the retail banking operations of Barclays Bank in the United Arab Emirates for 650 million dirham, or roughly US$177 million.

The Abu Dhabi Islamic Bank says the acquisition, which is subject to UAE Central Bank approval, would result in around 110,000 new customers. Those who move from the British bank to ADIB will have to adopt Islamic-compliant finance schemes on their current interest payments from loans and credit cards.

ADIB currently has around 600,000 customers in the UAE.

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