Al Hilal Bank, Abu Dhabi Bank and Union National Bank
The Board of Directors of ADCB and Union National Bank recommended the merger of two banking institutions, which is subject to approval from regulatory authorities and shareholders and is expected to be received in the coming weeks.
According to a statement issued by the Abu Dhabi Commercial Bank and the Allied National Bank, the new banking group will receive the identity of the Abu Dhabi Commercial Bank and will continue to enjoy strong institutional support through the property of the Abu Dhabi government through the Al Hilal Bank Investment Council will retain its current name and brand and will act as a separate Islamic banking unit in the new group.
ADCB will strengthen its position as the third largest financial institution in the UAE and will become the fifth largest banking institution in the GCC with total assets of 420 billion dirhams (114 billion US dollars). It is expected that the client base of the bank will be about 1 million, and its market share in the UAE as of September 30 will be 15% of the total asset portfolio, 21% of total loans to customers and 16% of total bank deposits.