ARN News Centre

FAB and ADIB deny merger talks

Thursday, 4 April 2019 13:35

First Abu Dhabi Bank (FAB) has strongly denied a report about a potential merger of the bank with Abu Dhabi Islamic Bank (ADIB).

A statement quoting a spokesperson from the financial institution says FAB has currently not entered discussions with ADIB to pursue any merger activity.

It says, following the recent completion of its integration process, the bank is focused on unlocking its full potential and maximising shareholder value in 2019.

ADIB also issued a statement saying it’s currently not studying a merger with other lenders.

A report on Bloomberg said the two could be combined to create the Middle East’s largest lender.

It quoted unnamed sources with knowledge of the matter.

More from Business

US, India unveil interim trade framework, move closer to broad pact

The US and India have moved closer to a trade pact, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains.
Aldar, Dubai Holding announce next phase of strategic partnership

Aldar and Dubai Holding have expanded their landmark joint venture, adding two strategic land plots in Dubai that will deliver almost 14,000 new homes with a combined gross development value (GDV) exceeding AED 38 billion.
Dubai regulator fines investment firm AED 1.8 million over compliance issues

The Dubai Financial Services Authority has fined Ark Capital Management Limited (Dubai) $504,000 (over AED 1.85 million) for regulatory breaches.
UAE, US sign framework to secure critical mineral supply chains

The UAE and the US have signed a framework on critical mineral supply chains, with plans to finance projects in each country in the next six months.
ERC inks agreement to develop teachers housing in Fiji

The Emirates Red Crescent (ERC) has signed an agreement to construct dedicated housing for teachers in Fiji's rural regions.