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ADCB acquires RBS retail banking business
The deal is worth a reported $100 million.
June 17, 2010 8:58 by Rasha Reslan
Abu Dhabi bank, ADCB, announced Wednesday it will acquire the retail banking business of the Royal Bank of Scotland, the Gulf News reported Thursday.
The deal is worth a reported $100 million, but is pending approval of the UAE’s Central Bank. if approved, the deal will represent the first time that a UAE bank has acquired the business of a multinational bank, according to ADCB’s chief executive speaking at a news conference.
The bank will reportedly fund the acquisition from its “internal cash resources,” the report said, adding that the net assets of RBS’s retail banking business were about $54 million in the UAE at the close of 2009. The purchase price represents total net assets, plus $46 million, the ADCB chief exec explained.