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ADCB announces combined bank's new board

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In January 2019, Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) agreed to merge and together acquire Al Hilal Bank.

Monday 11, March 2019 BY KUDAKWASHE MUZORIWA

Abu Dhabi-based ADCB, has announced the final list of names of the new board and management of the combined bank, who will assume their new roles when the merger of the ADCB, UNB and Al Hilal Bank becomes effective.

In a joint bourse statement, the lenders stated that the merger is likely to be effective from 1 May, however the dates will still depend on a range of factors, including the results of the shareholder meetings held by ADCB and UNB.

The merged entity will carry the ADCB identity, Al Hilal Bank will retain its existing name, brand and operate as a separate Islamic banking entity within the group.

ADCB said that its Board of Directors will be made up of the following HE Eissa Mohammed Al-Suwaidi, HE Mohammed bin Dhaen Al-Hamily as well as Ala’a Mohammed Eraiqat, Khaled Deemas Al Suwaidi and Ayesha Al Hallami.

Additionally, the ADCB will also include Khaled Haji Khouri, Abudulla Khalil AlMutawa as well as Mohamed Hamad Al Muhair, Saeed Mohamed Al Mazrouei, Carlos Antoine Obeid and Hussain Jasim AL Noiwais.

The combined bank’s funding profile will be diverse, with pro forma customer deposits accounting for 75 per cent of total funding, including a strong low-cost CASA (current account savings account) base of AED 96 billion and wholesale funding making up 18 per cent of total funding as of 30 September 2018.

Similarly, the merged entity will also have a healthy pro forma net loan-to-deposit ratio of 96.5 per cent as of 30 September 2018.

The Government of Abu Dhabi, through the Abu Dhabi Investment Council (ADIC), will own 60.2 per cent of the combined bank, ADCB shareholders will own 28.0 per cent and UNB shareholders will own 11.8 per cent of the combined bank.

TAGS : ADCB, UNB, Al Hilal Bank, Abu Dhabi bank merger

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