Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) said it is targeting new acquisitions in 2016 in Asia and the MENA region, said the bank’s CEO Tirad Mahmoud, according to the Libyan News Agency (LANA).

This follows the Abu Dhabi-listed bank’s attempt to acquire the retail business of Citigroup Egypt. However, the deal went to the Commercial International Bank – Egypt (CIB).

ADIB was among a consortium of ten banks that vied for Citigroup’s retail portfolio that includes around $140 million in assets, $190 million in deposits and around 100,000 accounts.

The UAE’s banking sector returns on capital are expected to range between 15-18% this year, Mahmoud said, adding that he hopes that ADIB will achieve higher returns.

ADIB previously posted 10.1% growth in profits in Q1-15 to AED 450.8 million, compared with AED 409.5 million in the same period the year before.