Barclays acquisition fails to excite ADIB Investors

Having completed the acquisition of Barclays retail banking division in the UAE on September 1st, Abu Dhabi Islamic Bank has seen little change in its market growth. The $177 million deal will give ADIB access to Barclays’ 110,000 customers in the Emirates, as well as 145 staff members that will continue to work from existing branches. Having been hit with a $453m fine for its involvement in the Libor interest-rigging scandal back in 2012, Barclays has been stripping assets and jobs in an effort to boost profits. As such, the ADIB deal is, in fact, overshadowed by a far larger sale, as Barclays announced the sale of its Spanish retail, wealth management and corporate banking business for $1.04 billion to CaixaBank.