ADIB eyes acquisitions as it focuses on expansion | GulfNews.com

ADIB eyes acquisitions as it focuses on expansion | GulfNews.com:



"Abu Dhabi Islamic Bank (ADIB) is looking for new opportunities in Asia, Middle East and North Africa as it focuses on expansion through acquisitions and greenfield investment.



Speaking to reporters in Abu Dhabi late on Sunday, the bank’s chief executive, Tirad Al Mahmoud, said they are looking closely at Indonesia, Malaysia, Jordan, Algeria and Morocco as part of their expansion plans. He ruled out the possibility of the bank venturing into Western Europe or North America.



“We are looking at markets which are hospitable to our business like Indonesia or Malaysia. Western Europe is very competitive and overbanked. We are not looking at those markets as we cannot add value,” he said. “Indonesia is not competitive to the extent Europe is and Malaysia is not competitive to the extent Europe is and neither market is overbanked. Both markets are very hospitable to our business and they naturally want our business model. That’s why we are looking at those markets.”"



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