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UAE bank ADIB targets 2016 acquisitions, eyes Asia, Middle East
July 6, 2015 / 8:13 AM / 2 years ago

UAE bank ADIB targets 2016 acquisitions, eyes Asia, Middle East

DUBAI, July 6 (Reuters) - Abu Dhabi Islamic Bank (ADIB), which failed in its bid to win Citigroup’s Egypt retail business, is targeting acquisitions in 2016 in Asia, the Middle East, and North Africa, its chief executive said.

Tirad al-Mahmoud said the bank was looking for opportunities in Malaysia and Indonesia, as well as Algeria, Jordan and Morocco, although the remainder of 2015 was not the right time for deals for several factors including because the United Arab Emirates economy was growing at a slower pace.

Return on equity across the local banking industry was expected in the region of 15 to 18 percent this year, he said, adding that he hoped ADIB to be at the top end of that range.

“The risk we run is destroying shareholder value if we continue this senseless price competition but so be it, that’s the market,” he said. “My biggest concern is erosion of margins and erosion of returns on capital for the industry as a whole.” (Reporting by Tom Arnold; Editing by David French)

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