Three UAE banks in merger talks to create over Dh410 billion bank

Agencies
September 4, 2018

Abu Dhabi, Sept 4: Abu Dhabi Commercial Bank (ADCB) said it is in early merger talks with Union National Bank and Al Hilal Bank, which could potentially form a lender with $113 billion (Dh 414.71 billion) in assets.

Abu Dhabi has been revamping its economy and pressing ahead with consolidating state-owned entities after two years of low oil prices weighed heavily on its revenues.

Two of Abu Dhabi's top banks were merged last year to create First Abu Dhabi Bank with total assets of $175 billion, while two of its big sovereign wealth funds were also combined.

ADCB, majority owned by the Abu Dhabi government, said in a disclosure to the Abu Dhabi Securities Exchange that it is in talks with UNB and separately with unlisted Al Hilal Bank. If it goes ahead, a merger of the three could create an entity with $113 billion in assets, according to Thomson Reuters data.

The statement from ADCB followed a Bloomberg News report of the talks which said that a potential merger could create the Gulf's fifth biggest bank.

Talks with both UNB and Al Hilal are at a very preliminary stage, ADCB said, adding that they may not result in a deal.

UNB and Al Hilal representatives did not respond to calls, while the Abu Dhabi government did not reply to an email.

While ADCB, the second largest bank in Abu Dhabi and UNB are both majority government owned, Islamic lender Al Hilal Bank is fully-owned by the Abu Dhabi government.

Consolidation has also hit the banking sectors of other Gulf countries. Bahrain's Ahli United Bank is in merger talks with Kuwait Finance House, which could be the first cross-border tie-up between Gulf banks in recent years.

Meanwhile, Saudi British Bank and Alawwal Bank have also agreed a merger to create Saudi Arabia's third-biggest lender, in a $5 billion deal that marks the first major banking tie-up in the kingdom in two decades.

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News Network
May 6,2024

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The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

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News Network
May 17,2024

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Hamas says the Israeli regime’s bombing of the Gaza Strip, which is enduring a genocidal Israeli war, has killed 70 percent of the Zionist captives, who have been held by the Palestinian resistance movement since an October operation.

Khalil al-Hayya, deputy chief of Hamas’ Political Bureau, announced the information in an interview with Lebanon’s al-Manar television network on Thursday.

“The Zionist enemy wants to recover the remaining captives by force, killing them by bombing,” he said.

Around 250 people were taken captive on October 7 last year during Al-Aqsa Storm, a retaliatory operation by Gaza’s resistance groups.

At least 35,272 Palestinians have died in an Israeli war of genocide that began following the operation.

Hamas released 105 of the captives during a week-long truce in late November.

Hamas recently agreed to another truce proposal enabling cessation of the Israeli aggression and release of the rest of the captives. The Israeli regime, however, rejected the proposal.

The Hamas’ official said, “The latest proposal presented to us comes very close to our demands, but the enemy has not respected the proposal or the mediators.”

Al-Hayya reiterated the movement’s demands, saying any potential truce agreement had to mandate a complete and comprehensive cessation of the Israeli aggression, withdrawal of all Israeli forces from Gaza, and then a captive exchange deal.

‘Victory is our ally’

The Hamas’ official pointed to the Israeli regime’s failure to realize its war goals, including defeating the resistance.

“After eight months of aggression, the enemy has failed to eradicate the resistance in Gaza despite all the actions of the occupation,” he said.

“The resistance has rebuilt itself and can adapt its capabilities to face the occupation,” the official said, asserting, “The resistance is capable of enduring for many months and will continue to defend its people as long as the battle is ongoing.”

“The resistance has the ability to continue because it is right, and victory is our ally, while the enemy will face defeat.”

Thanking regional resistance

Elsewhere in his remarks, al-Hayya expressed gratitude towards the regional resistance groups for the pro-Palestinian operations that they have been carrying out against Israeli targets and those associated with the occupying regime.

“The fronts in Yemen, Lebanon, and Iraq support Gaza and link the cessation of [their] operations to the end of aggression on Gaza,” he said.

“When we meet with the resistance forces in the region, we affirm that the battle is one.”

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