Stocks drop as banks deny merger reports

21/11/2016 05:42 AST

Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and Union National Bank (UNB) all denied on Sunday reports they were mulling mergers, causing share prices of the three banks to plunge.

Abu Dhabi’s stocks fell the most in the past month, according to Bloomberg data, as the drop in the banks’ shares dragged the Abu Dhabi Securities Exchange (ADX) general index down 1.66 per cent.

Shares of all three banks were suspended 15 minutes after the market opened, but resumed later after the statements from each bank were issued. At the end of trade, UNB share prices were down 5.16 per cent, ADCB slid 2.65 per cent, and ADIB fell 0.83 per cent.

The statements posted by the banks on Sunday came after a Bloomberg report late last week said the Abu Dhabi government was considering a plan to merge ADCB and UNB, as well as a plan to merge ADIB with Al Hilal Bank, which is not publicly listed.

The Bloomberg report spurred a rally in the banks’ share prices, with UNB share prices surging as much as 15 per cent in the first few minutes of trade on Wednesday morning. On Sunday, however, ADCB said its management had no knowledge of any merger talks, while ADIB said it had not discussed such plans. UNB also said its management had not discussed mergers and the bank had not received any information about such plans.


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