Abu Dhabi Commercial Bank (ADCB) will sell the majority of its banking portfolio in India to DCB Bank, after which it will exit the country.
ADCB said that the decision is driven by the “Group’s strategy to focus on its home market, the United Arab Emirates,” adding that the sale of the India banking portfolio will have no impact on the bank’s profitability.
The banking portfolio sold to DCB Bank comprises of 355 million dirhams in assets and 691 million dirhams in liabilities and the sale will be made at par.
The bank entered into a three-way merger with Union National Bank and Al Hilal Bank earlier in 2019.
For Q2 2019, ADCB reported a 10.49 percent drop in net profit compared to Q2 2018.
DCB Bank is a commercial bank with headquarters in Maharashtra, India and has close to 600,000 customers.
(Writing by Gerard Aoun, editing by Seban Scaria)
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