Abu Dhabi-based ADCB has announced that it is in early merger talks with UNB and Al Hilal Bank, which could potentially form a lender with $113 billion in assets.
In a disclosure to Abu Dhabi Securities Exchange (ADX), ADCB said that both sets of discussions with shareholders of respective lenders are still at preliminary stage and may not result in a transaction.
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In 2017, two of Abu Dhabi’s top banks were merged to create First Abu Dhabi Bank (FAB) with total assets of $175 billion, while two of its big sovereign wealth funds were also combined.
ADCB and UNB are both majority-government owned, Al Hilal Bank is fully-owned by the Abu Dhabi government.