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UAE bank to bolster presence in Central Asian economy

By Pramod Kumar
Bench, Furniture, Person Alamy via Reuters
ADCB will gradually phase out its retail banking activities in Kazakhstan in collaboration with regulators

Abu Dhabi Commercial Bank (ADCB) is bolstering its Islamic banking services in Kazakhstan.

The Abu Dhabi-listed bank will establish a sharia-compliant corporate banking services centre to gain a foothold in the $1.8 trillion Central Asian economy.

Al Hilal Islamic Bank, a subsidiary of the bank in Kazakhstan, will be rebranded and offer corporate financial products and services under ADCB’s Islamic banking arm.

Person, Electronics, Mobile Phone

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ADCB will gradually phase out its retail banking activities in Kazakhstan in collaboration with regulators.

“Through a renewed presence in Kazakhstan, combined with our network in the UAE and broader Middle East region, ADCB is uniquely positioned to support companies operating along key regional economic corridors,” said Ala’a Eraiqat, CEO of ADCB Group.

The Kazakhstan hub will provide clients with increasing sharia-compliant corporate banking services, including various financing structures and cash management solutions, he said.

ADCB is one of the largest banks in the UAE, with $167 billion in assets as of June 30, 2024. In 2019, the bank acquired Al Hilal Islamic Bank in Kazakhstan as part of its acquisition of Al Hilal Bank.

ADCB has a presence in Egypt and is moving to launch operations in Saudi Arabia.

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