Middle East Kuwait Abu Dhabi Commercial Bank to Exit Operations in Qatar,...

Abu Dhabi Commercial Bank to Exit Operations in Qatar, Kuwait

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An Emirati man exits after using an Abu Dhabi Commercial Bank PJSC (ADCB) bank automated teller machine (ATM) in Dubai, United Arab Emirates, on Tuesday, Sept. 4, 2018. Abu Dhabi is engineering a second bank merger in its latest attempt to stay competitive in the era of lower oil prices.

(Bloomberg) — Abu Dhabi Commercial Bank PJSC, which completed a three-way merger in May, plans to exit its operations in Qatar and Kuwait to focus on its home market.

The lender initiated the process of closing operations in both the countries and have informed the authorities, according to a statement. The move comes after the bank sold the majority of its banking portfolio in India to DCB Bank Ltd.

Abu Dhabi Commercial Bank combined with local rivals Union National Bank PJSC and Al Hilal Bank PJSC to create the Gulf region’s fifth-biggest lender with $110 billion in assets.

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

©2019 Bloomberg L.P.

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