Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Al Hilal Bank have announced a merger on Tuesday. They will create the third largest UAE bank with a total asset size of AED 420 billion.

Abu Dhabi Securities Exchange said that it will become the second largest retail lender in the UAE by assets, with 21 per cent share of retail loans.

The new entity, ADCB will become the fifth largest in the Gulf Cooperation Council (GCC) region. It is expected to have around one million customers

Through the Government of Abu Dhabi’s majority ownership, the new banking group will carry the ADCB identity and will continue to benefit from strong institutional backing. Al Hilal Bank will keep its existing name and brand and operate as a separate Islamic banking entity within the group.

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Moreover, the Abu Dhabi Investment Council, will own 60.2 per cent of the combined bank. Other ADCB shareholders will own 28 per cent, and other UNB shareholders will own 11.8 per cent of the combined bank, the statement added.

His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has congratulated the banks on his official Twitter account.

“We bless this step, which will contribute to the strengthening of the business environment, ensure its sustainability, and support the development projects and will create investment opportunities in the vital sectors.”

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