As announced recently, Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) will officially merge, and acquire Al Hilal Bank to form the third largest banking group in the UAE and the fifth largest in the GCC with total assets of Dhs 420 billion. The group will carry the ADCB identity and Al Hilal Bank will retain its existing branding and will run as a separate Islamic bank entity within the group.
This is the fourth major banking industry merger following the merger of the National Bank of Abu Dhabi and First Gulf Bank in 2017 to create First Abu Dhabi Bank, and the merger of Dubai Bank and Emirates Islamic Bank in 2012 to form Emirates Islamic Bank, and of National Bank of Dubai and Emirates Bank International in 2007 to create Emirates NBD.
The three banks will continue to operate independently until they get their required approvals from shareholders, and the UAE Central Bank. The transaction is expected to come into effect in the first half of 2019.