- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:54 06:07 12:11 15:33 18:09 19:23
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 today.
The ADCB Group, serving over 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 at 31st December 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 the 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.
The ADCB brand will gradually replace the UNB brand, and customers will be given access to an enhanced range of products and services.
In a message to all ADCB Group staff, the Chairman of ADCB Group, Eissa Mohamed Al Suwaidi, said, "This is a moment to reflect on the rich histories of our three organisations and to appreciate the strengths and values that have brought us to this momentous transaction. We can all be proud of the significant contribution each bank has made individually to the UAE’s vision of economic development – and even more importantly, we can look forward to making an even greater contribution as a single banking group."
"We have an experienced and dedicated management team, who have a clear direction for the bank and will lead us capably towards our goal of long-term, sustainable growth. This is the beginning of a new chapter in our shared story," he added.
The new banking group commenced trading on the ADX with a bell ringing ceremony attended by senior officials from ADCB, UNB, Al Hilal Bank and the ADX.
Khalifa Salem Al Mansouri, Acting Chief Executive of ADX, congratulated the management of the new entity, adding, "The enlarged ADCB Group is a public company of strategic importance to Abu Dhabi, and its operations will help to drive the economic development of Abu Dhabi and the UAE. Major deals like this are testament to the UAE’s well-paced financial and economic evolution, and support the ADX’s ongoing appeal to investors, which is based on its advanced infrastructure, best-practice transparency and diverse digital and business services for listed companies."
Ala’a Eraiqat, ADCB Group Chief Executive Officer and Board Member, said, "This transaction is an important step in the transformation of the UAE’s economy. Each of these three banks has a proud history and has performed an important role in Abu Dhabi’s development. By bringing them together with a strong vision, a clear direction and great ambition, the new ADCB Group is well-placed to make an even greater contribution to the economic development of our nation.
"In today’s financial industry, scale is vital for us to operate successfully and achieve our goal of sustainable, long-term growth. This merger creates a resilient banking group with the capacity to invest in our mission to provide excellent service for our customers in our core market, the UAE," he concluded.
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