The merger of the Abu Dhabi Commercial Bank with the Union National Bank and the acquisition of Al Hilal Bank will start on Wednesday, and the new entity, Abu Dhabi Commercial Bank, will be traded on the Abu Dhabi Stock Exchange.
The merger is the third in the banking sector of the United Arab Emirates and will result in 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 the shares of the National Bank of the Union (UNB) so that the shares were settled on April 30 of the same day and the investor who bought shares of UNB will receive ADCB shares.
The weighted price of ADCB's new shares on May 1 will be the closing price on Tuesday, April 30, price that will be subject to the market variation limits of "15% and 10%
The new shares of the Bank of the Private Bank of Abu Dhabi will be available to the shareholders of the Union National Bank in the accounts of the shareholders on May 1. 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 of those with accounts.