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Sun 20 Nov 2016 12:10 PM

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Shares in ADCB, UNB, ADIB suspended after bank merger speculation

Shares jumped last week because of renewed speculation that the Abu Dhabi government might engineer more merger

Shares in ADCB, UNB, ADIB suspended after bank merger speculation

Trading of shares in Abu Dhabi Commercial Bank, Union National Bank and Abu Dhabi Islamic Bank were suspended early on Sunday, an exchange source told Reuters.

The source did not give a reason, but the shares jumped last week because of renewed speculation that the Abu Dhabi government might engineer a merger between ADCB and UNB, and another between ADIB and Al Hilal Bank, as part of an efficiency drive.

In response, both ADIB and ADCB have said on Sunday that they are not in any merger talks.

Two banking industry sources said the banks were expected to send statements to the exchange denying that they had plans to merge.

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