Abu Dhabi - Mubasher: Abu Dhabi Commercial Bank (ADCB), listed on Abu Dhabi Securities Exchange (ADX), on Thursday announced that its general assembly approved its merger with Union National Bank (UNB).

Upon the merger, ADCB’s issued capital will increase to AED 6.8 billion, from AED 5.2 billion, according to the UAE lender’s statement to ADX.

ADCB’s general assembly also approved issuing convertible bonds to be converted to 117.65 million shares to the shareholders of Al Hilal Bank as the acquisition price to be paid by ADCB to acquire the overall shares of Al Hilal Bank as well as increasing ADCB’s capital to AED 6.96 billion upon the conversion process.

The general assembly also approved issuing tier 1 and tier 2 capital instruments with a total value of up to $1 billion.

It is noteworthy that ADCB’s general assembly approved the board of directors’ proposal for distributing cash dividends worth AED 2.39 billion for 2018 of the AED 5.198 billion capital.

Earlier in March, the UAE’s lender’s general assembly approved the final nominated board after its merger with UNB.