dayofdubai | Leading banks come together creating UAEs third largest bank with asset size DH420 billion

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Leading banks come together creating UAEs third largest bank with asset size DH420 billion

Dubai, United Arab Emirates, 30 January 2019: UAEs leading banks Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Al Hilal Bank form a three-way merger to create the third largest UAE bank with a total asset size of Dh420 billion ($114 billion), after First Abu Dhabi Bank and Emirates Bank.

This will also give rise to the fifth largest bank in the GCC. The newly formed merged entity will carry the ADCB identity. Al Hilal Bank will, however, retain its existing name and brand operating as a separate Islamic banking platform within the group.

The merger transaction recommended unanimously to shareholders by the boards of ADCB and UNB, will be subject to regulatory and shareholder approvals to be sought in the upcoming weeks, as per a joint statement.

The new banking giant is expected to have around one million customers, with a significant share of the UAE market.

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