ABU DHABI: Abu Dhabi Islamic Bank is seeking partnership with business entities to set up an asset management firm, the bank’s chief financial officer, Mohamed Abdel Bary, told Bloomberg TV in an interview.
“We are setting up a company which we will fairly soon introduce to the market and will be predominantly focused on asset management,” said Abdel Bary.
He added: “Given our huge and strong client base, we are not starting from zero.”
Abdel Bary added that the bank is exploring organic and inorganic growth opportunities for its business.
Without elaborating further, he said: “The traditional way of M&A in this day and age is taking a long time to pay back and that’s why we are being very creative on how to create a bigger pool of opportunities.”
The CFO also noted that record transactions have happened in the property market in the first quarter, and he expects the same trend to continue this year.
