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ABU DHABI / WAM
The UAE stock exchanges gained AED7.5 billion in market cap on Tuesday following reports purporting initial negotiations on potential mergers between Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank.
The shares of the ADX-listed ADCB and Union National Bank therefore closed high at AED8.00 and AED4.34 respectively, following robust demand by investment agencies and individuals. The development created positive sentiments that pushed ADX General Index high by 0.94 percent to 4983 points.
The reported potential merger, if materialised, would be the third of its kind across the country over the past 10 years after the merger of NBAD and FGB into First Abu Dhabi Bank and the merger of the Emirates Bank International and the National Bank of Dubai into Emirates NBD.
In terms of market traded, a total of 2785 transactions were conducted worth AED292mn over 163mn shares.