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Wednesday, 16 November 2016

MIDEAST STOCKS-Abu Dhabi jumps on bank merger speculation, oil bounce supports region | Reuters

MIDEAST STOCKS-Abu Dhabi jumps on bank merger speculation, oil bounce supports region | Reuters:
"Abu Dhabi's leading banks rallied early on Wednesday on renewed speculation that the government could merge banks as part of an efficiency drive, while other Gulf shares bounced in line with global stocks and after an overnight rebound in oil prices.

Abu Dhabi's Union National Bank surged 12.8 percent and Abu Dhabi Commercial Bank jumped 6.0 percent as the lenders are thought likely to be next in line to be paired.

Quoting unnamed sources, Bloomberg reported Abu Dhabi is considering more financial sector mergers after First Gulf Bank and National Bank of Abu Dhabi announced earlier this year they planned to merge in first-quarter next year. FGB shares were up 2.1 percent and NBAD shares were unchanged.

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