09 June 2010
Tamweel and Amlak Finance may open up talks with potential alternative buyers if a long-awaited merger between the two firms does not go ahead, according to Bloomberg reports.
Tamweel and Amlak Finance may open up talks with potential alternative buyers if a long-awaited merger between the two firms does not go ahead, according to Bloomberg reports.
The possible merger between the two UAE-based mortgage lenders, hit by the effects of the credit crisis, has been worked on by the government for 19 months.
However, two people close to the matter yesterday revealed that contingency plans were being drawn up by the two mortgage companies, should the merger not materialise.
One of the sources told the newswire the alternatives could still include a merger of the two firms that would then combine
with a commercial bank.
Tamweel's chairman, Sheikh Khaled bin Zayed Al Nahyan said in an interview earlier this year that the delay in the merger between the two firms is "becoming a concern".
© 7Days 2010
