Banking shares in Abu Dhabi fell sharply yesterday as ADCB, ADIB and UNB distanced themselves from talks of further consolidation within the sector.
Shares rallied last week following a report by Bloomberg News that ADCB and UNB may join forces, with ADIB and Al Hilal Bank considering a similar tie-up.
The speculation came in the wake of the announcement in June of a merger between FGB and NBAD, which will create the Middle East’s largest bank by assets. ADCB, ADIB and UNB distanced themselves from the reports, sending their shares sharply lower.
“The bank has no knowledge of the news circulating on media channels and such news has not been discussed at the bank,” ADIB said in a stock market disclosure yesterday.
ADCB followed suit later in the morning, stating that “the bank’s executive management has no knowledge of any initiatives related to said subjects”.
UNB said in a statement yesterday afternoon that it was not pursuing a merger. “We have not received any information from any official entity on this subject and that said subject was neither presented to nor discussed with executive management at the bank,” it said in a statement.
UNB’s shares were among the worst performers on the Abu Dhabi stock exchange, closing down by 5.2 per cent at Dh4.23 after being suspended during the morning.
ADCB’s shares fell by 2.7 per cent to Dh5.88, with ADIB closing 0.8 per cent lower at Dh3.57
Other banking stocks were dragged lower. FGB and NBAD closed down by 2.9 per cent and 1 per cent respectively. Abu Dhabi’s headline index closed 1.7 per cent lower at 4,221.01.
jeverington@thenational.ae
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5