CEO of UAE bank UNB rules out merger plan

Shares in UNB were temporarily suspended in November over speculation of merger with Abu Dhabi Commercial Bank
CEO of UAE bank UNB rules out merger plan
By Staff writer
Thu 09 Mar 2017 07:06 PM

UAE-based Union National Bank (UNB) has no intention of merging with any other bank, its CEO has insisted.

"There are no formal procedures or any intention to merge UNB with any other banking institutions," said Mohammed Nasr Abdeen in comments published by state news agency WAM after the bank’s annual general meeting in Abu Dhabi.

In November, shares in UNB were temporarily suspended because of renewed speculation that the Abu Dhabi government might engineer a merger between it and Abu Dhabi Commercial Bank.

Abdeen was also quoted as saying the bank has so far issued bonds worth $1 billion under its $3 billion bond programme.

"There is the plan to issue bonds, unless we see an expansion in borrowing or good investment return," he said.

Abdeen also said he is expecting the banking sector to grow by 5-10 percent in 2017, driven by stable oil prices.

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