ADCB has no merger plans

by Reuters Monday, 09 July 2007

Abu Dhabi Commercial Bank has no immediate plans to merge with a rival in the United Arab Emirates, the lender's chief executive said in remarks published on Monday.

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Abu Dhabi Commercial's stock has been rallying on speculation it was planning a merger or acquisition, especially after the ruler of neighbouring Dubai asked two of the emirate's bank to merge earlier this year.
"We have no plans for mergers or acquisitions in the UAE now," The Gulf News quoted chief executive Eirvin Knox as saying.

The lender's stock has rallied around 11% since June 11, when National Bank of Abu Dhabi Chief Executive Michael Tomalin told Reuters Abu Dhabi Commercial made sense as an acquisition, although it was one of several targets his bank could consider.

The rally gathered momentum after National Bank of Dubai and Emirates Bank International Ltd. said last month they had agreed the terms of a merger to gain the scale needed to cope with foreign competition and a rapidly growing economy.

"In case of liberalising the banking industry, we are confident about the outcome, as we are ranked among the top four or five banks in the country," Knox said, according to the Gulf News.



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