Abu Dhabi’s merger of three state-linked banks is set to create two new lenders, according to Bloomberg.
Under plans being discussed, Abu Dhabi Commercial Bank (ADCB) would acquire Union National Bank (UNB) to form a conventional lender, the people said, asking not to be identified because the talks are private. The Islamic divisions of ADCB and UNB would merge and then take over privately-held Al Hilal Bank, they said.
The Emirate, which combined two of its largest banks last year to create the Middle East’s second-biggest lender, plans to set up a holding company to manage the new entities, which would operate under separate banking licenses, the people said.
Full Content: Bloomberg
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