MIDEAST STOCKS-ADCB-UNB merger weighs on Abu Dhabi, Saudi inches up | Reuters:
Saudi Arabia’s stock market rose on Wednesday, bolstered by petrochemicals, while Abu Dhabi was pulled down by Union National Bank and Abu Dhabi Commercial Bank after announcing a three-way banking merger.
Abu Dhabi’s index slid 0.5, with Abu Dhabi Commercial (ADCB) Bank losing 2 percent and Union National Bank (UNB) dropping 4.5 percent to its biggest intraday loss since May 2017.
ADCB, UNB and Al Hilal Bank agreed a merger to create the third-largest bank in the United Arab Emirates with $114 billion of assets.
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