ABU DHABI: Abu Dhabi Commercial Bank (ADCB) has agreed to sell the majority of its India banking portfolio to DCB Bank and will exit its operations in India subsequent to the transaction, subject to regulatory approvals.
This decision, which will have no impact on the bank’s profitability, is driven by ADCB Group’s strategy to focus on its home market, the United Arab Emirates.
The banking portfolio that is being sold to DCB Bank comprises AED 355 million in assets and AED 601 million in liabilities, and the sale will be made at par.
ADCB’s priority remains to provide excellent service to its customers throughout the transition period and to ensure a smooth migration to DCB Bank.