Discussions to combine Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and privately-held Al Hilal Bank are underway it seems. The potential merger would create the fifth-largest bank in the Gulf Cooperation Council.
The emirate's two largest lenders -- National Bank of Abu Dhabi and First Gulf Bank -- completed a merger last year to create First Abu Dhabi Bank PJSC. A tie-up between Mubadala Investment Co. and the Abu Dhabi Investment Council in March created a sovereign wealth fund with about $220 billion of assets. Mubadala holds a majority stake in ADCB and UNB.