Abu Dhabi Said to Weigh Merger to Create Top Mideast Lender - Bloomberg:
Abu Dhabi is considering combining Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC to create the Middle East’s largest lender, according to people with knowledge of the matter.
The emirate plans to wait for a three-way combination of Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and Al Hilal Bank to close before starting fresh talks to condense the finance industry further, the people said, asking not to be identified as the talks are private.
Deliberations about a potential combination are in early stages and is being currently being discussed at the shareholder level of both banks, the people said. The banks have not formally appointed advisers, and discussions may not lead to a deal, they said.
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