ADCB takeover of UNB, Al Hilal Bank totals AED 14.4 billion

2019-03-26 15:32:45 GMT (Economies.com)
 

The total value for Abu Dhabi Commercial Bank’s (ADCB) takeover of both Union National Bank (UNB) and Al Hilal Bank amounted to AED 14.4 billion, according to the shareholders’ prospectus issued recently.

 

The prospectus defined all procedures related to the merger of the three banks, which will take effect on May 1, according to UAE’s news agency WAM.

 

The extraordinary general meetings ADCB and UNB, earlier approved the regulations required for the merger deal on 21 March.

 

The merger of the three banks will help in creating a platform that boosts the new banking entity for both individuals and corporates, with traditional and Islamic-based transactions.

 

ADCB earlier appointed Barclays in mid-November to advise on a potential merger plan. UNB also hired JP Morgan to advise on the deal.

 

In early September, ADCB and UNB confirmed holding initial merger talks. ADCB also said at that time it began similar talks with shareholders of Al Hilal Bank.

 
 
 
  Symbol Last Change Chg.%
1.1606
0.0036
0.3139%
1.3751
0.0123
0.9053%
Tadawul
11773.36
25.09
0.21%
23.335
0.700
3.090%
82.022
0.902
1.112%
84.86
0.86
1.02%
1767.855
13.150
0.749%
 
 
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