A view of a branch of Abu Dhabi Commercial Bank along Khalid Bin Al-Waleed Road in Dubai January 4, 2012. REUTERS/Nikhil Monteiro
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Abu Dhabi Commercial Bank PJSC agreed to merge with Union National Bank PJSC and Al-Hilal Bank to create the Gulf's fifth-biggest lender with about $114 billion in assets. ADCB offered 0.5966 share for every UNB share, according to a statement. There are almost 50 banks operating in the United Arab Emirates serving a population of about 9 million, compared with 28 lenders in Saudi Arabia catering to more than 30 million people.Abu Dhabi Commercial Bank shares have gained 26 percent since Sept. 3 when it confirmed merger talks. Al-Hilal Bank is owned by state-controlled Abu Dhabi Investment Council.
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