Union National Bank Dubai Merger With Adcb

The boards of abu dhabi commercial bank and union national bank have agreed to a merger to create an entity that will take over al hilal bank and become the third largest lender in the uae.

Union national bank dubai merger with adcb. The merger of abu dhabi commercial bank union national bank and al hilal bank is in line with the economic vision of the uae and creates a strong banking group that has human capital and. Abu dhabi commercial bank on wednesday formally merged with union national bank and the combined entity acquired al hilal bank as its sharia compliant lending unit. The enlarged adcb group serving over one million customers is a powerful new force in the uae banking sector. Abu dhabi lender union national bank unb has hired jpmorgan to advise on its merger talks with abu dhabi commercial bank adcb three sources familiar with the move said.

Abu dhabi 01 may 2019 with effect from today abu dhabi commercial bank adcb has merged with union national bank unb and the combined entity has acquired al hilal bank legally completing a landmark transaction in the uae. The merger of abu dhabi commercial banks union national bank and al hilal bank is in line with the uae s economic vision to form powerful banking groups with human potentials and financial capabilities that would enhance the national economic competitiveness and its future aspirations. Staff report the uae s third largest banking group with total assets of dh420 billion will be formally launched soon following a decision announced on tuesday by abu dhabi commercial bank adcb and union national bank unb to merge and to acquire al hilal bank. This creates one of the biggest retail banking powerhouses in the uae.

The new banking group the fifth largest in the gcc will carry the adcb identity.