Abu Dhabi Commercial Bank to buy RBS unit
Abu Dhabi Commercial Bank says it has agreed to buy the Royal Bank of Scotland's retail banking business in the United Arab Emirates.
By Agencies |
LONDON: Abu Dhabi Commercial Bank says it has agreed to buy the Royal Bank of Scotland's retail banking business in the United Arab Emirates.
The Abu Dhabi bank said Tuesday that the deal was valued at $100 million.
The announcement comes a day after RBS said it had agreed to sell its operation in Pakistan to Faysal Bank Ltd. for about $50 million.
The Abu Dhabi bank said the acquisition would double its credit card business, making it one of the top three players in that sector in the Emirates.
The sale is subject to regulatory approval.
The Abu Dhabi bank said Tuesday that the deal was valued at $100 million.
The announcement comes a day after RBS said it had agreed to sell its operation in Pakistan to Faysal Bank Ltd. for about $50 million.
The Abu Dhabi bank said the acquisition would double its credit card business, making it one of the top three players in that sector in the Emirates.
The sale is subject to regulatory approval.
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