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ADCB says exiting from China

Waheed Abbas/Dubai
Filed on September 28, 2020
Abu Dhabi Commercial Bank Group has received approval from the China Banking and Insurance Regulatory Commission for the closure of its branch in Shanghai.

The Abu Dhabi-listed bank said the closure of Shanghai branch will not have any impact on its profitability.

Abu Dhabi Commercial Bank (ADCB) will exit from China and focus on the home market, the lender said in a statement on Monday.

The Abu Dhabi-listed bank said the closure of Shanghai branch will not have any impact on its profitability.

"Abu Dhabi Commercial Bank Group has received approval from the China Banking and Insurance Regulatory Commission for the closure of its branch in Shanghai. The branch was inherited by ADCB through the merger with Union National Bank in 2019. The decision to exit operations in the People's Republic of China is driven by ADCB's strategy to focus on its home market, and will have no impact on the Bank's profitability," the lender said.

It is currently in the process of completing the formalities to close the branch.

The region's fifth largest bank with $11 billion assets entered Egypt market last month and replaced Union National Bank branch after the two banks merged with Al Hilal Bank.

ADCB's second-quarter 2020 net profit fell to Dh1.22 billion as against Dh1.44 billion for the same quarter last year. While first-half profit fell to Dh1.43 billion as compared to Dh2.78 billion. The bank also has a huge exposure to the troubled NMC Healthcare.
- waheedabbas@khaleejtimes.com


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