The merger of Abu Dhabi Commercial Bank and Union National Bank and the acquisition of Al Hilal Bank will begin on Wednesday. The new entity will be traded on the Abu Dhabi Securities Exchange.
The merger is the third in the UAE's banking sector and will result in a total financial assets of AED 423 billion. Deposits will reach AED 285 billion, while loans and advances to customers will reach AED 265 billion. 2018.
On Tuesday, the Securities and Commodities Authority (SCA) set the deadline for trading on Union National Bank (UAB) shares so that the stock settlement will be carried out on April 30, and the investor who purchases UNB shares will receive shares in ADCB.
The weighted average price of ADCB shares on May 1 will be the closing price on Tuesday 30 April. This price will be subject to 15% market price change and 10% lower.
The new shares of the Bank of Abu Dhabi Private Bank will be available to the shareholders of Union National Bank in the shareholders' accounts on 1 May. If the shares of Union Bank are in the investor's account with a broker or custodian, the new shares will be available in the same account and in the clearing account for those with accounts.