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Mon 1 Oct 2018 09:02 AM

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United Arab Bank, InvestBank deny three-way merger reports

Invest Bank, UAB and Bank of Sharjah have dismissed media reports about a possible merger as 'rumours'

United Arab Bank, InvestBank deny three-way merger reports
In a statement filed to the Adu Dhabi Securities Exchange, however UAB said it “denies the news and confirms its invalidity.”

Invest Bank and United Arab Bank (UAB) have denied media reports suggesting that they are conducting talks with Bank of Sharjah over a three-way merger.

Last week, a news story citing anonymous sources reported that the government of Sharjah is weighing the merger, which would create a lender with approximately $18 billion of assets.

In a statement filed to the Adu Dhabi Securities Exchange, however UAB said it “denies the news and confirms its invalidity.”

In a similar bourse statement, Invest Bank said it “like to clarify to the public and the markets that those media reports are based on rumours and speculation.”

Bank of Sharjah, for its part, said that it does not comment on rumours.

UAB is currently restructuring after having accumulated non-performing loans in 2015 AND 2015. In August, the bank concluded syndicated financing facilities worth a total of $185, which it said will be used for general corporate purposes and the refinancing of a previously existing facility.

Currently, three other UAE banks – ADCB, Union and Al Hilal – are holding talks over a possible merger.

In 2017, National Bank of Abu Dhabi and First Gulf Bank came together to form First Abu Dhabi Bank.

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