Abu Dhabi Islamic Bank buys Egypt bank, eyes licence in Algeria

Khaleej Times - Abu Dhabi Islamic Bank (ADIB) has acquired National Bank of Development in Egypt and has applied for a banking licence in Algeria, said Khamis Buharoon, managing director.

Speaking at ADIB's annual reception, Buharoon shared the bank's new strategy with its customers and key business partners, The new startegy includes the expansion of ADIB's customer offerings and strengthening of its local and international market presence in line with its vision to become a top-tier global Islamic financial services group.

Commenting on recent quarterly financial results which saw the bank's net profit rise by 47 per cent year-on-year, Buharoon added: "ADIB's strong financial results confirm the viability of our growth strategy and the strength of our core customer businesses.Going into the second and third quarter of 2008 we expect to continue with the strong performance momentum across the group."

Tirad Mahmoud, ADIB's recently-appointed CEO, said the bank is expanding its range of solutions. He said that ADIB has an strong track record in developing Islamic financial solutions and that the bank will continue to leverage its strong innovation culture to the benefit of customers and the Islamic finance industry as a whole.