Abu Dhabi  – Mubasher: Abu Dhabi Commercial Bank (ADCB) will exit its operations in China, as the China Banking and Insurance Regulatory Commission (CBIRC) has approved the closure of the bank's branch in Shanghai.

The decision was part of ADCB's objective to focus its operations on the local market, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

In 2019, the branch's ownership was transferred to the Emirati bank through the merger with Union National Bank (UNB).

The closure of ADCB's branch in Shanghai will have no impact on the bank's profitability.

It is noteworthy to mention that in July, sources told Reuters, ADCB is reportedly cutting 400 jobs to decrease costs due to the economic impact of the coronavirus (COVID-19) outbreak and the lower oil prices.

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.