First Abu Dhabi Bank, the biggest lender in the UAE by assets, and Abu Dhabi Commercial Bank have said they are not in talks for a merger, denying a report that said they were close to finalising a potential deal.
“While the bank does not typically comment on speculation as a matter of policy, FAB strongly denies the report and, currently, has not entered discussions with ADCB to pursue any merger activity,” FAB said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
“Any rumour to the contrary is unfounded and false.”
In a separate market disclosure to the bourse, ADCB, the third largest bank in the country, also denied the Al Arabiya report that claimed the two lenders are in merger talks to create the biggest banking entity in the region and that a deal could be announced later this year.
“ADCB is successfully implementing a five-year strategy and has been updating the market through regular disclosures,” its group chief executive Alaa Eraiqat said in the regulatory filing.
FAB said it remains fully committed to achieving its long-term “strategic ambitions” and creating value for its shareholders.
FAB was created through a merger of First Gulf Bank and the National Bank of Abu Dhabi in 2017.
ADCB completed its three-way merger with Union National Bank and Al Hilal Bank last year after formalising the deal in May 2020.
The lenders are among the biggest financial institutions in the region. FAB has an asset base of $272 billion, while ADCB has assets worth $120bn, according to Bloomberg data.
FAB shares have risen 21 per cent since the beginning of this year, pushing its market capitalisation to $68bn, while ADCB is valued at $20bn after its shares rallied 27 per cent over the period.
In January, ADCB reported a 38 per cent jump in its 2021 net profit to $1.43bn on the back of lower impairment charges.
FAB reported a 19 per cent jump in its full-year net income to $3.4bn on higher net fee and commission income, and gains on investments amid the UAE’s economic recovery.
Specs
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The specs
AT4 Ultimate, as tested
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Director: Tom Tykwer
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Lexus LX700h specs
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