Abu Dhabi lenders merge into ADCB Group as consolidation gathers pace - Reuters:
Abu Dhabi Commercial Bank and peers Union National Bank and Al Hilal Bank merged on Wednesday to create a banking heavyweight with 423 billion dirhams ($115 billion) in assets, the third biggest in the United Arab Emirates.
The transaction is the latest example of consolidation in the Gulf’s banking sector, where profit margins are being squeezed by lower government and consumer spending because of weak oil prices. The UAE has almost 50 commercial banks in a country of about 9.5 million people.
Shares in the new combined entity, which becomes the second biggest financial institution in Abu Dhabi, began trading on Wednesday. The merger plan was announced last September.
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