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Abu Dhabi: Gov in discussions over triple bank merger

 |  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.

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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