Bloomberg/Christopher Pike

Business

UAE's ADCB to sell majority of India banking portfolio to DCB Bank

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The lender merged with Union National Bank (UNB) and the combined entity acquired Al Hilal Bank, creating a banking group with AED 423 billion in assets and the third-largest financial institution as well as one of the largest retail banks in the UAE.

Wednesday 11, September 2019 BY KUDAKWASHE MUZORIWA

Abu Dhabi Commercial Bank (ADCB) has agreed to sell the majority of its banking portfolio in India to DCB Bank, the lender plans to subsequently exit its operations in the country after the transaction—subject to regulatory approvals.

The lender stated that the decision will have no impact on the bank, and it is driven by ADCB Group, the merged entity, to focus on its home markets, the UAE.

The banking portfolio sold to DCB Bank comprises of AED 355 million in assets and AED 691 million in liabilities and the sale will be made at par.

TAGS : Abu Dhabi Commercial Bank , DCB Bank , ADCB Group

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