Abu Dhabi may see merger of 3 banks

Banking Frontiers - - Banking In The Gulf -

Two UAE banks - Abu Dhabi Com­mer­cial Bank (ADCB) and Union Na­tional Bank (UNB) - said they are in ini­tial talks for a po­ten­tial merger. The two banks said in sep­a­rate state­ments they have started ex­ploratory talks, but these are at a pre­lim­i­nary stage. Mean­while, there are also re­ports that an­other bank, Al Hi­lal Bank, is also part of the talks. If the talks lead to a pos­si­ble merger, it will cre­ate an en­tity with as­sets worth $110 bil­lion. Abu Dhabi has been see­ing con­sol­i­da­tion in the bank­ing in­dus­try. Ear­lier, two top banks merged to cre­ate First Abu Dhabi Bank, which has to­tal as­sets of $175 bil­lion. Two large sov­er­eign wealth funds too have merged. ADCB, the sec­ond largest bank in Abu Dhabi, and UNB are both ma­jor­ity govern­ment owned. How­ever, Is­lamic bank Al Hi­lal Bank is fully-owned by the Abu Dhabi govern­ment.

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