Three banks converge to frame third biggest UAE moneylender
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ABU DHABI: Three banks situated in the UAE capital Abu Dhabi Tuesday declared they have consented to converge to shape the Emirates' third-biggest loan specialist.
Access Here: IRN Post
The sheets of Abu Dhabi Commercial Bank (ADCB) and Union National Bank have collectively consented to consolidation and afterward gain the third loan specialist, Al-Hilal Bank which will keep on working as an Islamic bank under the new gathering, an announcement said.
The merger is as yet subject to administrative and investor endorsements in the coming weeks, said the announcement by the three banks.
The new loan specialist will work under the ADCB name and will have resources of $114 billion, making it the third biggest in UAE after the First Abu Dhabi Bank and Emirates National Bank of Dubai, the two of which were the aftereffect of mergers.
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