ADCB Group Agrees To Sell Majority Of Its India Banking Portfolio To DCB Bank

Sumaira FH Published September 10, 2019 | 08:00 PM

ABU DHBAI, (UrduPoint / Pakistan Point News / WAM - 10th Sep, 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 AED355 million in assets and AED601 million in liabilities, and the sale will be made at par.

"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," the statement said.