Barclays sells branches off in the UAE

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Barclays bankBarclays Bank has announced that it has agreed to sell its retail branches in the United Arab Emirates (UAE) to Abu Dhabi Islamic Bank (ADIB). Barclays has 75 branches in the UAE which it will sell for £107m, the 110,000 customers most of which are expats will be forced to change their banking systems to come in line with the Islamic rules on banking such as not allowing interest payments.
Barclays Bank is selling off the branches in the UAE in order to concentrate on Corporate and Investment markets
The reason Barclays Bank is giving for selling off the branches is to allow the bank to concentrate on other sectors in that region such as Corporate and Investment markets. Barclays also believes that it is better off focusing on areas it feels it has a competitive advantage in such as UK, USA and Africa. This was all announced back in February by Barclays Chief Executive Antony Jenkins after a review of the business looking particularly at that region. Also in the review Barclays announced massive job cuts numbering in the thousands. For those who stay with ADIB things are not so bad, as it is a very solid bank with over 600,000 customers, it is the biggest bank in the UAE, and its profits for last year rose by 21% to £238m. You can find more information about Barclays Bank on our website.