Seven non-bank brokerage firms set to finalise merger

Seven financial brokerage companies that are not affiliated to Abu Dhabi or Dubai banks are about to finalise the first-of-its-kind merger in the country.

It is estimated that the merged entity will have a capital of Dh1 billion. An official announcement is expected before the end of the year.

The Securities and Commodities Authority (SCA)?has been encouraging mergers, saying mergers would strengthen market competitiveness and create bigger entities with larger capital.