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Sovereign Wealth Funds Briefing - Categorized | Market

Abu Dhabi said to mull more bank mergers after NBAD-FGB deal

Posted on 17 November 2016

Abu Dhabi is considering more mergers to boost its financial services industry after combining National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, according to four people with knowledge of the matter. Bank stocks surged.
Abu Dhabi Investment Council, a sovereign wealth fund in the emirate, owns a 58 per cent stake in ADCB and 50 per cent of UNB, according to data compiled by Bloomberg. The fund also holds a 7.6 per cent stake in Abu Dhabi Islamic Bank and a holding in Al-Hilal…………………………………….Full Article: Source


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