Abu Dhabi to control majority stake in new mega bank:
The Government of Abu Dhabi will own 60.2 per cent of the new bank that will be formed following the completion of a merger between Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB), with the new entity acquiring Al Hilal Bank.
The Abu Dhabi government’s ownership in the banking group will be through the Abu Dhabi Investment Council. Other ADCB shareholders will own 28 per cent, while other UNB shareholders will own 11.8 per cent in the new entity.
The new board and management will assume their new roles when the transaction becomes effective following regulatory approvals.
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