This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-26915911
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Barclays sells its United Arab Emirates retail business | Barclays sells its United Arab Emirates retail business |
| (about 4 hours later) | |
| Barclays has agreed to sell its retail banking arm in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB). | 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. | 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 compliant 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. | ADIB is the biggest bank in UAE with 600,000 customers. Last year profits rose 21% to £238m. |