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| Status Update: Sale of Retail Banking Business to ADCB Read more... |
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UAE Central Bank approval
RBS has applied to the UAE Central Bank for approval of the sale of its Retail Banking business to ADCB. The application is currently pending. We will update this page as soon as the Central Bank has advised us of its decision. |
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Completion date
The date for completion of the sale of RBS's Retail Banking business to ADCB has not yet been settled. However, it will not be before receipt by us of Central Bank approval to the transaction. |
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| We will update this page as soon as we have agreed a firm completion date with ADCB. |
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| RBS Retail Banking, UAE - Sale Announcement Read more... |
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| This is to inform you that on 16th June 2010, The Royal Bank of Scotland N.V. (RBS) entered into an agreement to sell its Retail Banking business (including Royal Preferred Banking and Business Banking) in the UAE to Abu Dhabi Commercial Bank (ADCB). The acquisition remains subject to UAE Central Bank approval and is expected to complete in Q4 2010. |
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About ADCB
ADCB is one of the largest banks in the Middle East, offering an impressive suite of products and services for retail banking, wealth management, investment, commercial and Islamic banking. |
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| ADCB is majority owned by Abu Dhabi Investment Council, the sovereign wealth fund of the Abu Dhabi Government. |
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| ADCB has been named 'Best Retail Bank in UAE' for the third year in a row and 'Best Retail Bank in the Gulf States' for the second straight year in the prestigious 'Asian Banker Excellence in Retail Financial Services Awards Programme.' It was also named 'Bank of the Year 2008' by the Banker Middle East Magazine. |
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What does this mean for you?
Nothing will change for you as a customer until regulatory requirements are completed and the formalities under the sale and purchase agreement are completed. Your account numbers will remain unchanged, and your existing cheque books, credit cards and debit cards shall remain valid until further notice, and you may continue to enjoy all current programs, benefits and privileges. |
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| We will write to you shortly regarding the transfer of your accounts, cards and loans to ADCB. We want to assure you that we will continue to provide you with the highest level of service throughout this transition - keeping any changes to a minimum. We will endeavour to make this a seamless transition. |
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How do you find out more?
If you have any queries or concerns, please call us on 04-426 6000, or feel free to visit your nearest RBS branch. |
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| RNS issued by RBS Group on Sale Announcement of Retail Banking business in the UAE Read more... |
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Royal Bank of Scotland Group plc - Disposal of Retail Banking business in UAE
16 June 2010 |
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RBS announces successful sale of its UAE Retail Banking business to Abu Dhabi Commercial Bank (ADCB)
RBS N.V. has announced today that it has agreed to the sale of its Retail Banking business in the UAE to ADCB. |
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| The total cash consideration payable by ADCB is equal to the net asset value of the business at completion plus a premium of AED 169 million (c. GBP31 million). As at 31 December 2009, the net assets of the business transferred amounted to approximately AED 200 million (c. GBP37 million). |
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| The transaction is subject to regulatory approval and is expected to complete in Q4 2010. |
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| The sale represents further progress against RBS’ five-year strategic plan. RBS will continue to have an extensive reach in the Middle East and Africa with our Global Banking & Markets (GBM) and Global Transaction Services (GTS) businesses, alongside our wealth management business RBS Coutts, and is committed to maintaining a presence in the UAE going forward. |
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Richard O’Connor
Investor Relations
Tel: +44 (0) 20 7672 1758 |
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Group Media Centre
Tel: +44 (0) 131 523 4205 |
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| ADCB Press Release on Sale Announcement of RBS Retail Banking in the UAE Read more... |
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| Abu Dhabi Commercial Bank (ADCB), has agreed to acquire the Retail Banking business of ‘The Royal Bank of Scotland’ (RBS) in the United Arab Emirates (UAE). Read more... |
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| The Royal Bank of Scotland N.V. (RBS) has entered into an agreement to sell its Retail Banking business in the UAE to Abu Dhabi Commercial Bank (ADCB). The acquisition remains subject to UAE Central Bank approval. |
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About ADCB
ADCB is one of the largest banks in the Middle East, offering an impressive suite of products and services for retail banking, wealth management, investment, commercial and Islamic banking. |
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| It is majority owned by Abu Dhabi Investment Council, one of the investment arms of the Abu Dhabi Government. |
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| ADCB has been named ‘Best Retail Bank in UAE’ for the third year in a row and ‘Best Retail Bank in the Gulf States’ for the second straight year in the prestigious ‘Asian Banker Excellence in Retail Financial Services Awards Programme’. It was also named ‘Bank of the Year 2008’ by the Banker Middle East Magazine. |
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What does this mean for you?
Nothing will change for you as a customer until regulatory requirements are completed and the transaction is closed. Your account numbers will remain unchanged, and your existing cheque books, credit cards and debit cards shall remain valid until further notice, and you will continue to enjoy all current programs, benefits and privileges. |
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What will happen next?
We will write to you shortly regarding the transfer of your accounts, cards and loans to ADCB. We want to assure you that we will continue to provide you with the highest level of service throughout this transition - keeping any changes to a minimum. We will endeavour to make this a seamless transition. |
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Is there any benefit that I can start enjoying immediately?
As a special gesture, you will be able to us all ADCB ATMs free of charge with immediate effect, giving you access to over 181 ATMs all over the UAE. |
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How do you find out more?
We will contact you shortly to provide you with more details regarding this transition. |
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| If you have any queries or concerns, please call us on 04-426 6000, or feel free to visit your nearest RBS branch. |
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