Struggling British lender Lloyds Banking Group is in talks to dispose of its operations in the United Arab Emirates, with Abu Dhabi Commercial Bank emerging as the frontrunner to pick up the business, sources told Reuters on Monday.
The bank, which is 40 percent owned by the UK government, has appointed Rothschild as an adviser for the sale, two sources confirmed to Reuters on condition of anonymity.
ADCB, the third largest bank in Abu Dhabi by market capitalisation, now appears the most likely acquirer of the business as the bank looks to expand its retail banking operations in the Gulf Arab country.
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