A banking giant will appear in the UAE

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The merger of the three financial organizations will lead to the creation of the fifth largest lender in the region. The size of the assets will reach $114 billion. Abu Dhabi Commercial Bank (ADCB), the Union National Bank (UNB) and Al Hilal Bank have announced a merger deal. The merger of banks will lead to the creation of the fifth largest lender in the region. This is the second association in Abu Dhabi in recent years and continues to be a wave of consolidation in the sector. The group will receive about 1 million customers and a significant market share in the UAE: 15% of assets, 21% of retail loans and 16% of deposits. The ADCB Chairman believes the deal will contribute to national ambitions. The new group will keep the ADCB identity and continue to receive state support. Al Hilal Bank will exist as a bank unit with its own name and brand. A pool of lenders will make ADCB the third largest bank in the country. The company is united by one majority shareholder, which owns 60% of ADCB and 50% of UNB. This shareholder is the Abu Dhabi Investment Council (ADIC).

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