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Abu Dhabi Islamic Bank looking to South East Asia

Abu Dhabi Islamic Bank looking to South East Asia

(8 July 2015 – South East Asia) Abu Dhabi Islamic Bank PJSC (ADIB) is considering entering markets in South East Asia to tap demand in countries with large Muslim populations.

The bank, which is the United Arab Emirates’ second-biggest shariah-compliant lender, has looked closely at Indonesia and Malaysia, as well as African countries Algeria, Morocco and Jordan, chief executive officer Tirad Mahmoud told reporters.

“We are actively visiting locations where we may be planting a flag” and may consider an acquisition next year as part of the plan,” he said.

It is well known that banks in the UAE are seeing to expand to diversify revenue and boost growth.

ADIB is present in countries including Saudi Arabia, Qatar, Iraq, Egypt, Sudan and the United Kingdom.

In 2014 ADIB acquired the retail banking business of Barclays Plc in the UAE for 650 million dirhams (A$236 million).

The bank was also among lenders that bid to buy the retail banking assets of Citigroup Inc. in Egypt this year, losing out to Commercial International Bank Egypt SAE last month.

“We will be looking to do deals in 2016,” Mahmoud said. “If it’s a retail business, it’s going to be acquisitions, if it’s going to be a corporate business it will be greenfield.”

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