Abu Dhabi Commercial Bank (ADCB) has merged with Union National Bank (UNB) and the merged entity has acquired Al Hilal Bank, forming the ADCB Group with effect from Wednesday.
The ADCB Group, serving over one million customers, has AED423 billion ($115 billion) in assets, and is the third-largest financial institution and one of the largest retail lenders in the UAE, state news agency WAM reported.
The new banking group now trades on the Abu Dhabi Securities Exchange under the ticker of ADCB, with 60.2 percent ownership by the Government of Abu Dhabi through the Abu Dhabi Investment Council.
WAM said planning for the integration of the three banks is progressing well, with integration of operations and customer experience set to accelerate in a phased approach from the second half of 2019.
The ADCB brand will gradually replace the UNB brand, and customers will be given access to an enhanced range of products and services, it added.
Eissa Mohamed Al Suwaidi, chairman of ADCB Group, said: "This is a moment to reflect on the rich histories of our three organisations and to appreciate the strengths and values that have brought us to this momentous transaction. We can all be proud of the significant contribution each bank has made individually to the UAE’s vision of economic development – and even more importantly, we can look forward to making an even greater contribution as a single banking group."
Ala’a Eraiqat, ADCB Group CEO, added: "This transaction is an important step in the transformation of the UAE’s economy... In today’s financial industry, scale is vital for us to operate successfully and achieve our goal of sustainable, long-term growth. This merger creates a resilient banking group with the capacity to invest in our mission to provide excellent service for our customers in our core market, the UAE."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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