Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- ADIB-Barclays deal in second half of 2014  Join our daily free Newsletter

MENAFN - Khaleej Times - 18/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Banks busy in finalising details; seamless transition guaranteed for customers

abu dhabi islamic bank or adib is expected to conclude its retail business deal with barclays in the second half of 2014 as it has received the regulatory approval from the central bank its senior official says.

“we have just received the green signal from the [uae] central bank to further proceed on this landmark banking transaction” anil kumar head of business transformation for the retail banking group at adib told khaleej times in an interview.

the abu dhabi-based islamic lender had signed an agreement in early april to acquire the retail banking business of barclays in the uae. the transaction will result in more than 110000 barclays customers joining adib’s strong network of 80 branches 602 automated teller machines and the uae’s top-rated internet and mobile banking platform.

“we are expecting 110000 customers to be added to our 600000 customer base in 2014 and we are ready to face this challenge which will give a major boost to the bank’s retail business” kumar said.

to a question he said barclays credit card holders will also automatically shift to adib’s retail banking network under the deal. “barclays bank account holders and credit card holders will receive the most advanced chip and pin debit and credit cards respectively.”

asked if barclays account holders will switch to islamic banking after the transition he said all accounts will be transferred to adib’s network and hopefully they will continue their accounts with the bank as they will get access to a wider branch network and a wide range of offers covering home finance personal care auto financing and award winning co-branded cards with etihad airways and etisalat.

about the progress on transition he said initial work has been done and the two banks are now busy in finalising details to start work on accounts shifting and data-transferring mechanism.

“we have integrated and transition teams and both are collaborating for a simple and seamless banking transaction” he said.

about adib’s post-transition plan he said the bank is ready to face a retail boom expanding its customer base to over 700000 in one go after the completion of the deal.

“we are working on new innovative products promotions and welcome offers to retain new clients joining adib’s growing banking network.”

in reply to a question about staff hiring and expanding its branch network to handle over 700000 customers he said adib will accommodate all retail banking staff of barclays in its retail banking division.

“we will continue to grow our branch network while alternative channels will continue to provide good customer service and innovative products across the country.”

asked about emiratisation plans in the bank he said adib is among those banks that promotes local talents and offers good career opportunities. according to bank’s latest update in its quarterly results emiratisation stood firm at 47.2 per cent as out of 1965 staff 928 are uae nationals.

positive outlook

kumar an industry veteran sees a positive outlook for adib in 2014 and said the retail segment which contributes a major share in its total business will drive business growth in a tough and competitive banking environment in the country.

“we have been growing steadily in past three years by posting double-digit growth in our business. the bank’s retail operations grew significantly following the doubling of our branch network from 40 to 80 in five years.”

adib reported a 20.4 per cent increase in its january-march 2014 profits to dh409.5 million on continued growth in core operations while its customer deposits grew 21.4 per cent to dh77 billion from dh63.4 billion in the same quarter last year. the bank’s total assets rose 16.4 per cent to dh103.8 billion and its net customer financing climbed by 18.1 per cent to dh63.8 billion during first quarter of 2014.

to a question about further expansion of branch network he said adib will continue its policy to expand its presence across the country.

“we do have a plan to continue going forward. the bank believes in organic growth and will extend its reach to maximum customers in the uae’s retail banking segment.”

“retail contributes to 65 per cent of the total bank revenue and it will continue to drive the growth in coming years” kumar concluded.

— muzaffarrizvi?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Mar 6 2015 - Iraq, ExxonMobil eye oil agreementsMENAFN
(MENAFN) Texas-based Exxon Mobil Corp is set to make a deal with Iraqi government to restructure oil agreements in such a way that Iraq will meet its near-term cash needs, Reuters reported.According ...

 Mar 6 2015 - Qatar, Luxembourg to sign financial cooperation dealMENAFN
(MENAFN) A financial delegation from Luxembourg is in Qatar in hopes of driving greater strategic cooperation between the two countries in the field of international finance, The Peninsula Qatar ...

 Mar 6 2015 - Egypt, Dubai's Arabtec to renegotiate terms for USD40b planMENAFN
(MENAFN) Arabtec's chairman is set to meet officials of Egypt's housing ministry to renegotiate terms of USD40 billion housing plan, Arabian Business reported.Egypt's housing minister is in talks ...

 Mar 6 2015 - MERS kills 10 more in Saudi, health campaign broadenedAFP
(MENAFN - AFP) The MERS virus has killed 10 more people in Saudi Arabia over the past week, pushing the death toll above 400, as health officials broaden their campaign to halt its spread. Saudi ...

 Mar 5 2015 - Saudi, South Korea consider trade expansionMENAFN
(MENAFN) South Korean President announced that Korea and Saudi must try to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care, Arab News ...

 Mar 5 2015 - Etisalat plans to invest USD1.08b in 2015MENAFN
(MENAFN) Emirates Telecommunications Corporation, also known as etisalat, is planning to invest USD952.7 to USD1.08 billion this year on its infrastructure, fiber optic and 4G networks as well as to ...

 Mar 5 2015 - Qatar seeks 7 percent growth in 2015 despite oil plungeMENAFN
(MENAFN) Qatar's economy is expected to grow 7 percent in 2015, as it forges ahead with huge infrastructure investment despite the drop in oil prices, leading economist said.The figure compares with ...

 Mar 5 2015 - French Assystem acquires 75 percent in Saudi RadiconMENAFN
(MENAFN) Assystem completed the acquisition of 75 percent stake in the Saudi Radicon Gulf Consult (Radicon) to create a new engineering offer in the Saudi market nominated Assystem Radicon, Saudi ...

 Mar 5 2015 - Dutch Vopak to expand Fujairah oil storage capacity in 2015MENAFN
(MENAFN) Dutch Vopak is set to build five crude oil storage tanks with total capacity of 478,000 cubic meters at the port of Fujairah in the UAE, Reuters reported.Vopak is already in a partnership ...

 Mar 5 2015 - Saudi Kingdom Holding signs MoU with Korean Investment CorporationMENAFN
(MENAFN) Riyadh-based Kingdom Holding Company (KHC), signed an MoU with Korea Investment Corporation (KIC), Saudi Gazette reported.The MoU is set at producing more opportunities in private equity ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help