ADCB, UNB and Al Hilal create UAE's third largest lender
Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.
The merged entity is called ADCB, reflecting that bank's dominant status within the deal, and holds in total $115bn of assets.
Al Hilal, originally an Islamic bank, will function as the merged entity's Islamic banking unit. The overall group will trade on the Abu Dhabi Securities Exchange.The three banks ...