Abu Dhabi Commercial Bank says in merger talks with two rivals | Reuters

Abu Dhabi Commercial Bank says in merger talks with two rivals | Reuters:

Abu Dhabi Commercial Bank (ADCB) ADCB.AD said it is in early merger talks with Union National Bank UNB.AD and Al Hilal Bank, which could potentially form a lender with $113 billion in assets.

 Abu Dhabi, the oil-rich capital of the United Arab Emirates, has been revamping its economy and pressing ahead with consolidating state-owned entities after two years of low oil prices weighed heavily on its revenues. Two of Abu Dhabi’s top banks were merged last year to create First Abu Dhabi Bank FAB.AD with total assets of $175 billion, while two of its big sovereign wealth funds were also combined.

ADCB, majority owned by the Abu Dhabi government, said in a disclosure to the Abu Dhabi Securities Market that it is in talks with UNB and separately with unlisted Al Hilal Bank. If it goes ahead, a merger of the three could create an entity with $113 billion in assets, according to Thomson Reuters data.