UAE bank ADIB targets acquisitions in Malaysia

DUBAI: Abu Dhabi Islamic Bank (ADIB), which recently failed in its bid for Citigroup’s Egypt retail business, is targeting acquisitions in 2016 in Asia, the Middle East, and North Africa, its chief executive said.

Tirad al-Mahmoud said the bank was looking in Malaysia and Indonesia, as well as Algeria, Jordan and Morocco, although the remainder of 2015 was not the right time for deals in part due to slower economic growth in the United Arab Emirates (UAE).