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| 20 November, 2016

Shares in Abu Dhabi banks suspended after merger speculation

20 November 2016

ABU DHABI, Nov 20 (Reuters) - Trading of shares in Abu Dhabi Commercial Bank, Union National Bank and Abu Dhabi Islamic Bank were suspended early on Sunday, an exchange source told Reuters.

The source did not give a reason, but the shares jumped last week because of renewed speculation that the Abu Dhabi government might engineer a merger between ADCB and UNB, and another between ADIB and Al Hilal Bank, as part of an efficiency drive.

There was no immediate official statement from the banks, but two banking industry sources said the banks were expected to send statements to the exchange denying that they had plans to merge. (Reporting by Andrew Torchia and Stanley Carvalho)

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