UAE lender UNB hires JPMorgan for merger talks: sources | Reuters:
Abu Dhabi lender Union National Bank (UNB) UNB.AD has hired JPMorgan (JPM.N) to advise on its merger talks with Abu Dhabi Commercial Bank (ADCB) ADCB.AD, three sources familiar with the move said.
The merger, which will also involve unlisted Al Hilal Bank, was announced by the banks in September and is the latest consolidation among state-owned companies in the United Arab Emirates’ capital.
If it goes ahead, a merger of the trio could create an entity with about $113 billion in assets, according to Refinitiv data, and the UAE’s third-biggest lender after First Abu Dhabi Bank (FAB) FAB.AD and Emirates NBD ENBD.DU.
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