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ADCB uncovers board’s formation after merger with UNB

ADCB uncovers board’s formation after merger with UNB
The merger will come into effect on 1 May 2019.
ADCB
ADCB
0.61% 8.25 0.05
UNB
UNB
0.00% 5.90 0.00

Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) on Sunday announced that its general assembly has approved the final nominated board after the bank’s merger with Union National Bank (UNB).

Headed by Eissa Mohammed Al Suwaidi, the board comprises 11 members including Mohammed Bin Dhaen Al Hamily, Ala’a Mohammed Eraiqat, Khaled Deemas Al Suwaidi, Ayesha Al Hallami and Abdullah Hamad Al Muhairi among others, the bank said in a statement to the Abu Dhabi Securities Exchange (ADX).

The merger will come into effect on 1 May 2019.

In January, Abu Dhabi-based ADCB and UNB, and privately-owned Al Hilal Bank announced that the UAE would see a powerful new banking group after the merger.

The new banking entity will carry the ADCB identity and will continue to benefit from strong institutional backing, through the government of Abu Dhabi’s majority ownership.

By the end of Thursday’s session, ADCB’s stock fell 0.85% at AED 9.37.