ABU DHABI: Abu Dhabi Commercial Bank (ADCB) has agreed to sell the majority of its India banking portfolio to DCB Bank at par value and will exit its operations in India subsequent to the transaction, a release issued to Abu Dhabi Exchange noted.

The banking portfolio that is being sold to DCB Bank comprises AED 355 million in assets and AED 601 million in liabilities, and the sale will be made at par.

This decision, which will have no impact on the bank’s profitability, is driven by ADCB Group’s strategy to focus on its home market, the United Arab Emirates.

ADCB’s priority remains to provide excellent service to its customers throughout the transition period and to ensure a smooth migration to DCB Bank.

Abu Dhabi Commercial Bank to divest Abu Dhabi Commercial Properties