Planning for the integration of the three banks is progressing well, with integration of operations and customer experience set to accelerate in a phased approach from the second half of 2019. The integration of the Group’s systems and processes will largely take place behind the scenes, with minimal disruption to customer service.
The ADCB brand will gradually replace the UNB brand, and customers will be given access to an enhanced range of products and services.
In a message to all ADCB Group staff, the Chairman of ADCB Group, Eissa Mohamed Al Suwaidi, said: “This is a moment to reflect on the rich histories of our three organisations and to appreciate the strengths and values that have brought us to this momentous transaction. We can all be proud of the significant contribution each bank has made individually to the UAE’s vision of economic development – and even more importantly, we can look forward to making an even greater contribution as a single banking group.
We have an experienced and dedicated management team, who have a clear direction for the bank and will lead us capably towards our goal of long-term, sustainable growth. This is the beginning of a new chapter in our shared story.”
The new banking group commenced trading on the ADX with a bell ringing ceremony attended by senior officials from ADCB, UNB, Al Hilal Bank and the ADX.
H.E. Khalifa Salem Al Mansouri, Acting Chief Executive of Abu Dhabi Securities Exchange, congratulated the management of the new entity, and said: "The enlarged ADCB Group is a public company of strategic importance to Abu Dhabi, and its operations will help to drive the economic development of Abu Dhabi and the UAE. Major deals like this are testament to the UAE’s well-paced financial and economic evolution, and support the ADX’s ongoing appeal to investors, which is based on its advanced infrastructure, best-practice transparency and diverse digital and business services for listed companies.”
Ala’a Eraiqat, ADCB Group Chief Executive Officer and Board Member, said: “This transaction is an important step in the transformation of the UAE’s economy. Each of these three banks has a proud history and has performed an important role in Abu Dhabi’s development. By bringing them together with a strong vision, a clear direction and great ambition, the new ADCB Group is well-placed to make an even greater contribution to the economic development of our nation.
In today’s financial industry, scale is vital for us to operate successfully and achieve our goal of sustainable, long-term growth. This merger creates a resilient banking group with the capacity to invest in our mission to provide excellent service for our customers in our core market, the UAE.”
About ADCB Group
ADCB Group is a leading UAE banking group that provides a full suite of award-winning products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management.
On 1 May 2019, ADCB merged with Union National Bank (UNB) and the combined entity acquired Al Hilal Bank, which operates as a separate Islamic banking entity under its own brand within the Group. The transaction reinforced ADCB’s position as the third largest bank in the UAE, with assets of AED 423 billion based on pro forma financial information as of 31 December 2018.
The Group serves approximately 1 million customers.
ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB.
Further information on ADCB Group can be found at adcb.com and information on the transaction between ADCB, UNB and Al Hilal Bank can be found at beyondambition.com
For further details please contact:
Majdi Abd El Muhdi
Abu Dhabi Commercial Bank
Sheikh Zayed Bin Sultan Street
P. O. Box: 939, Abu Dhabi
United Arab Emirates
© Press Release 2019