His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, confirmed in his blog that “the merger of Abu Dhabi Commercial Bank, the National Union and Al Hilal Bank is consistent with the UAE’s economic vision. Finance, increasing the competitiveness of the national economy and its future aspirations ".
“We welcome this step, which contributes to improving the business environment and ensuring its sustainability, supporting development projects and creating investment opportunities in vital sectors in accordance with the best international standards,” he added.
The Abu Dhabi Commercial Bank and the National Union yesterday announced the approval of their two boards of directors to merge two banking institutions and acquire a new merged company at Al-Hilal Bank.
Through this transaction, 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. It is expected that the new client base will cover about 1 million customers.
The transaction is expected to reduce costs by 615 million Dirhams and will come into effect in the first half of 2019 after all official approvals have been received. The government of Abu Dhabi owns 60.2% of the capital of the new bank.
The birth of the third largest banking institution in the UAE with assets of 420 billion dirhams