Abu Dhabi – Mubasher: The merger of three lenders in Abu Dhabi is still at an early stage, Mubarak Rashed Al Mansoori, the UAE central bank governor, said on Tuesday.

The three banks are Abu Dhabi Commercial Bank, Union National Bank (UNB), and privately-owned Al Hilal Bank.

They are in talks for a deal that could create a lender of $113 billion in assets, Al Mansoori told Reuters.

Al Mansoori added that further mergers are expected in the future. 

In a bid to overcome the slippage of global oil prices, Abu Dhabi has stepped up consolidation among its state-run institutions.

In 2017, National Bank of Abu Dhabi and First Gulf Bank, the oil-rich emirate’s two largest banks, finalised a merger to create First Abu Dhabi Bank (FDB).