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| Barclays sells its United Arab Emirates retail business | Barclays sells its United Arab Emirates retail business |
| (about 3 hours later) | |
| Barclays has agreed to sell its retail banking arm in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB). | |
| ADIB is paying £107m ($177m) for the business which has 110,000 customers. Most of those are expatriate workers. | |
| Customers who move to ADIB will have to switch to finance schemes that are complaint with Islamic rules, which do not allow interest payments. | Customers who move to ADIB will have to switch to finance schemes that are complaint with Islamic rules, which do not allow interest payments. |
| Barclays says the deal will allow it to focus on its corporate and investment banking operations in the region. | Barclays says the deal will allow it to focus on its corporate and investment banking operations in the region. |
| Strategic review | Strategic review |
| In February, Barclays Chief Executive Antony Jenkins announced the result of a strategic review, which looked at the company's 75 business units. | In February, Barclays Chief Executive Antony Jenkins announced the result of a strategic review, which looked at the company's 75 business units. |
| As a result Barclays has been focusing on markets where it believes it has scale and a competitive advantage. | As a result Barclays has been focusing on markets where it believes it has scale and a competitive advantage. |
| In particular, the bank is concentrating its investment on the UK, US and Africa. | In particular, the bank is concentrating its investment on the UK, US and Africa. |
| The review also resulted in thousands of job cuts. | The review also resulted in thousands of job cuts. |
| ADIB is the biggest bank in UAE with 600,000 customers. Last year profits rose 21% to £238m. |