By Andrei Skvarsky.
Abu Dhabi Commercial Bank is planning to boost the role of its Kazakhstan subsidiary Al Hilal Islamic Bank by making it a hub for corporate Islamic banking services for the whole of Central Asia in stepping up what ADCB calls its “strategic presence” in the region.
Concurrently, ADCB will phase out retail services it provides via Al Hilal Islamic Bank and help its retail customers find alternatives, the Abu Dhabi bank said in a statement.
The Kazakh bank will be rebranded for its new role, ADCB said without giving the new name for the Almaty-based lender.
ADCB evaluated Central Asia’s economy at $1.75tn and said it is developing rapidly.
ADCB, the third-largest among the several dozen banks in the United Arab Emirates, is majority-owned by Abu Dhabi sovereign investment company Mubadala and owns assets totalling $167bn.
It is listed on Abu Dhabi Securities Exchange (ADX) and has a long-term rating of A+ with a positive outlook from Fitch and a long-term rating of A with a stable outlook from S&P.
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