Sharjah lenders say they are not engaged in talks for a three-way merger - The National

Sharjah lenders say they are not engaged in talks for a three-way merger  - The National:

Abu Dhabi-listed United Arab Bank and InvestBank are not engaged in talks with Bank of Sharjah for a three-way merger that would create a lender with Dh66.2bn in assets in the northern emirate.

The banks denied media reports which suggested they are at an initial stage of engagement to combine their balance sheet with BoS, a deal driven by the government of Sharjah, which owns a stake in the Sharjah-headquartered lender. The report citing un-named sources said that JPMorgan is advising BoS on the potential deal.

The reports in the media “related to the commencement of negotiations regarding a potential merger...UAB hereby denies the news and confirms its invalidity,” the lender said in a regulatory filing to Abu Dhabi Securities Exchange.