More UAE bank mergers possible, says Al-Ghurair

UAE Banks Federation chairman Abdul Aziz Al Ghurair says banking sector is open to strategic mergers
More UAE bank mergers possible, says Al-Ghurair
By Reuters
Thu 15 Dec 2016 02:00 PM

Banks in UAE are open to mergers in the near term and deals involving Dubai lenders cannot be ruled out, the head of the national banking industry association, Abdul Aziz al-Ghurair, told Dubai's Bayan newspaper.

His comments come after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) agreed to merge to create one of the largest banks in the Middle East and Africa with assets of about $175 billion.

Ghurair, who is also chief executive of Mashreq Bank , said the banking sector was open to strategic mergers, such as the NBAD and FGB deal, and did not rule out a new banking merger in Dubai, the newspaper reported.

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