Abu Dhabi Commercial Bank (ADCB) on Tuesday said it has agreed to sell the majority of its India banking portfolio.
The sale to DCB Bank will see the UAE bank exit its operations in India subsequent to the transaction, subject to regulatory approvals.
In a statement posted on the Abu Dhabi Securities Exchange and carried by state news agency WAM, the bank said that the decision will have no impact on its profitability and is driven by ADCB Group’s strategy to focus on its home market.
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, the statement said.
"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 added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.