FAB, which has grown into the Middle East’s largest bank by assets since it was created through a merger about six years ago, said on Thursday it explored a bid for Standard Chartered Plc, but that it’s no longer considering an offer for the London-based lender.
A successful deal would have catapulted the regional champion into an emerging markets banking giant with more than $1 trillion in assets — about a third of the size of HSBC Holdings Plc — and would have been the biggest foreign takeover by a company in the Gulf region.
FAB’s exploration of Standard Chartered highlights the growing ambition of Middle East lenders and the wealthy oil-rich nations that back them. It also showcases Abu Dhabi’s aspirations to play a bigger role on the international stage and would have marked a turning point in Chief Executive Officer Hana Al Rostamani’s two-year reign.
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