Abu Dhabi Commercial Bank (ADCB) is pulling back from international markets and focusing on domestic growth as bad loans rise and it tries to curb expenses, the lender said in an updated prospectus for a bond programme launched three years ago.
ADCB sold a stake in RHB Capital, a Malaysian bank, this year and is now pursuing a strategy that zeroes in on the local market while taking advantage of selected international opportunities, according to the prospectus.
"ADCB sold its [24.9 per cent] holding in RHB in order to focus on its strategy of being a UAE-centric bank," the document said, although it added ADCB was "prepared to take advantage of international opportunities, should suitable ones arise".
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