Two Abu Dhabi lenders have emerged as frontrunners to buy most of Barclays’ retail banking operations in the United Arab Emirates, with a final decision expected next month after a competitive bidding process. Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are vying to take control of the assets after Barclays said in September it would offload a retail portfolio in the Gulf Arab state including credit cards, mortgages, personal lending and deposit-taking operations. Barclays plans to retain its two branches in the UAE, while its wealth management business would not be part of the sale. Around half-a-dozen local and international banks, including Citigroup, Standard Chartered and Commercial Bank of Dubai, had expressed interest in buying the operations.
