Capital Intelligence affirms ADCB, UNB ratings

2019-02-10 17:05:10 GMT (Economies.com)
Capital Intelligence affirms ADCB, UNB ratings
 

Capital Intelligence affirmed the Long- and Short-Term Foreign Currency Ratings (FCRs) of Abu Dhabi Commercial Bank and Union National Bank at 'A+' and 'A1+' respectively, and Support Rating at '1'. 

 

The Financial Strength Rating of ADCB is 'A' while that of UNB is 'A+'. All the ratings of both banks carry a Stable Outlook

 

Earlier in December, sources expected the financial and legal committees assigned the study of merger between ADCB, UNB and Al Hilal Bank to complete their work during the first quarter of 2019.

 

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

 

If it goes ahead, a merger of the trio could create an entity with around $113 billion in assets, and the UAE’s third-biggest lender after FAB and Emirates NBD ENBD.DU.

 

A separate source said two banks could be created out of the consolidation, with the conventional banking units of ADCB and UNB merging to create one lender.

 

Another could be formed through combining the Islamic banking units of ADCB and UNB, along with Al Hilal.

 

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.%
1.1336
0.0037
0.3283%
1.3033
0.0126
0.9785%
15.991
0.212
1.344%
57.090
1.317
2.360%
67.08
0.63
0.95%
1337.590
16.255
1.230%
 
 
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