Three UAE banks said to weigh merger plan

30/09/2018 Argaam

 

The Sharjah government is considering a merger between Bank of Sharjah, Invest Bank and United Arab Bank that could create a lender with about AED 66.2 billion ($18.0 billion) of assets, Reuters reported, citing sources aware of the matter.

 

Invest Bank and United Arab Bank could be merged with Bank of Sharjah, in which the Sharjah government is a shareholder and is driving the process, the sources added.

 

JPMorgan is advising Bank of Sharjah on the potential merger, sources told Reuters.

 

Earlier this month, three Abu Dhabi banks -  Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank -  said they are currently in talks to merge.

 

In May, Saudi British Bank (SABB) and Alawwal Bank agreed to merge to create Saudi Arabia’s third-biggest lender with assets of around $77 billion.

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