Sunday 23 December 2018

#AbuDhabi's Bank Merger Is Seen to Result in 1,000 Job Cuts - Bloomberg

Abu Dhabi's Bank Merger Is Seen to Result in 1,000 Job Cuts - Bloomberg:

A proposed three-way bank merger in Abu Dhabi may lead to about a thousand jobs being cut, according to three people with knowledge of the matter.

Talks among Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and privately-held Al Hilal Bank are at an advanced stage, the people said on condition of anonymity because the topic is private. The lenders are working on issues such as valuation and are conducting due diligence, two of the people said. 

No final agreements have been reached and the discussions may not result in a transaction, the people said. A combination of would create a lender with about $115 billion in assets. The potential tie-up would create the Gulf Cooperation Council’s fifth-largest bank.

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