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ABU DHABI / WAM
Abu Dhabi Commercial Bank (ADCB) has merged with Union National Bank (UNB) and the combined entity has acquired Al Hilal Bank, legally completing a landmark transaction in the UAE, forming the ADCB Group with effect from on Wednesday.
The ADCB Group, serving more than one million customers, has AED423 billion in assets, is the third-largest financial institution and one of the largest retail lenders in the UAE, accounting for a 21 percent market share of retail loans as of December 31, 2018.
The new banking group now trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB, with 60.2 percent ownership by the Government of Abu Dhabi through the Abu Dhabi Investment Council.
The total number of outstanding shares for ADCB Group stands at 6,957,379,354. UNB has been dissolved as a legal entity and its shares have been delisted, while Al Hilal Bank retains its existing identity and continues to operate as a separate Islamic bank within the ADCB Group. Al Hilal Bank will focus on offering Shari’a-compliant retail banking services through convenient and innovative digital platforms.
Planning for the integration of the three banks is progressing well, with integration of operations and customer experience set to accelerate in a phased approach from the second half of 2019. The integration of the Group’s systems and processes will largely take place behind the scenes, with minimal disruption to customer service.