Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) will exit its operations in China, as the China Banking and Insurance Regulatory Commission (CBIRC) has approved the closure of the bank's branch in Shanghai.
The decision was part of ADCB's objective to focus its operations on the local market, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.
In 2019, the branch's ownership was transferred to the Emirati bank through the merger with Union National Bank (UNB).
The closure of ADCB's branch in Shanghai will have no impact on the bank's profitability.
It is noteworthy to mention that in July, sources told Reuters, ADCB is reportedly cutting 400 jobs to decrease costs due to the economic impact of the coronavirus (COVID-19) outbreak and the lower oil prices.
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