UPDATE 1-UAE's Bank of Sharjah, Invest Bank, UAB in merger plan –sources | Reuters:
The Sharjah government is weighing a merger between three of the emirate’s banks that could create a lender with about 66.2 billion dirhams ($ 18.0 billion) of assets, sources aware of the matter told Reuters.
The potential merger between Bank of Sharjah, Invest Bank and United Arab Bank (UAB) reinforces the consolidation already underway in the United Arab Emirates’ crowded banking industry. About 50 banks operate in the UAE with a population of about 9 million people.
Three Abu Dhabi banks are currently in talks to merge, while last year two of the emirate’s biggest banks linked up to create First Abu Dhabi Bank.
No comments:
Post a Comment