Abu Dhabi Islamic Bank to Establish Asset Management-Focused Entity
May 06, 2022 | Updated at May 06, 2022
Abu Dhabi Islamic Bank (ADIB) announced plans to set up a company that will be predominantly focused on asset management and is looking for partners as it intends to soon introduce it to the market, according to ADIB’s Group Chief Financial Officer, Mohamed Abdel Bary, on the 28th of April 2022.
Why it Matters?
The announcement comes as ADIB continues to look for organic and inorganic ways to expand its banking business beyond the traditional mergers and acquisitions (M&A). Due to the congested market and restricted expansion in the United Arab Emirates (UAE), lenders have recently been looking for prospects outside the country. ADIB is monitoring the market, particularly interest rate increases, which could affect some of the corporate seg...