Fitch Ratings has affirmed its A+ long-term issuer default rating (IDR) on ADCB Group with a stable outlook, following the completion of the bank's merger with UNB and Al Hilal Bank.

The rating agency also affirmed its A+ ratings for UNB and Al Hilal Bank’s long-term IDRs and subsequently withdrew UNB's ratings as the bank no longer exists as a separate legal entity.

The merger between ADCB and UNB was executed on 1 May, with UNB shareholders receiving new ADCB shares. The combined entity acquired 100 per cent of Al Hilal Bank shares from Abu Dhabi Investments Council (ADIC), the controlling shareholder of all three banks prior to the merger,in exchange for new ADCB shares.

Additionally, the Government of Abu Dhabi through the Abu Dhabi Investment Council (ADCI) now holds a 60.2 per stake in the banking group and the total number of outstanding shares for the ADCB Group stands at six billion, while former UNB shareholders own 11.8 per cent and other pre-merger ADCB shareholders 28 per cent.

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