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
By Reuters
Sun 20 Nov 2016 12:10 PM

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.

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.