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Abu Dhabi: Gov in discussions over triple bank merger

By  |  September 3, 2018

Abu Dhabi is exploring a merger of three banks that would create the fifth biggest Gulf lender with about US$110 billion in assets, Bloomberg reported on Monday, September 3, citing people with knowledge of the matter.

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    While no final decision has been made, talks are currently underway to combine Abu Dhabi Commercial Bank, Union National Bank, and privately held Al Hilal Bank, according to the report.

    A deal could be announced as early as this month, Bloomberg stated, noting the potential decision comes at a time the oil-rich capital of the United Arab Emirates is exploring ways to manage its wealth following the 2014 slump in crude prices.

    A spokesman for Union National Bank told Reuters he was not aware of a potential deal. Abu Dhabi Commercial Bank declined to comment and Al Hilal Bank was not immediately available for comment.

    Full Content: Bloomberg

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