Abu Dhabi Commercial Bank (ADCB) on Tuesday announced it has approved to sell the majority of its India banking portfolio to DCB Bank.
Following the completion of the selling transaction, ADCB will exit its operations in India, according to a press release.
The India Banking portfolio comprises AED 355 million in assets and AED 601 million liabilities, the bank highlighted.
This transaction will not affect the bank’s profitability, ADCB stressed.
This decision, which is subject to regulatory approvals, comes within the framework of ADCB Group’s strategy to focus on its home market, the UAE.