Dubai
Abu Dhabi Commercial Bank (ADCB) has agreed to sell the majority of its banking portfolio in India to DCB Bank as it plans to exit all operations in India. The bank on Tuesday said the decision “will have no impact on profitability” and is part of its strategy to focus on its home market, the UAE.
The banking portfolio being sold to DCB Bank, a private commercial bank in India, comprises Dh355 million in assets and Dh601 million in liabilities, ADCB said. The sale will be made at par.
In May, ADCB merged with Abu Dhabi’s Union National Bank and acquired Al Hilal Bank to create the UAE’s third largest bank, with Dh423 billion in assets. The new entity retains the ADCB brand name. At the time, ADCB said the prime mission is to provide service for customers in the UAE.
