UNB, ADCB surge ahead of possible merger:
The Abu Dhabi story has been a far cry from that of its regional peers, but only selectively.
Most of the banks such as First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Union National Bank have surged multi-folds ahead of a possible merger, resulting in out performance of the Abu Dhabi index.
Abu Dhabi Commercial Bank has gained 24 per cent to its highest level in 52 weeks of Dh9.15 from a low of Dh7.41 seen on October 23. Union National Bank shares have gained 23 per cent since December 2018. FAB has been trading in a range of near to its near all-time high of Dh15.15. FAB had gained 46 per cent in the last 13 months since the merger news was announced. The ADX index has gained 18 per cent in the past 13 months, while the Dubai index has been on declining trend, shedding 25 per cent in the same time period.
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