First Abu Dhabi Bank, Abu Dhabi Islamic Bank deny merger talks

First Abu Dhabi Bank’s head office at Khalifa Business Park in Abu Dhabi. (Reuters)
Updated 04 April 2019

First Abu Dhabi Bank, Abu Dhabi Islamic Bank deny merger talks

  • Bloomberg reported that Abu Dhabi was considering merging the two lenders to create the Gulf region’s largest bank
  • With around 50 banks, the crowded UAE banking sector has been squeezed by decreased government spending and lower profit margins

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) and First Abu Dhabi Bank (FAB) denied on Thursday they were in merger talks after a news report said the emirate was considering combining them.

Citing unnamed sources, Bloomberg reported on Wednesday that Abu Dhabi was considering merging the two lenders to create the Gulf region’s largest lender. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, in a bourse filing said it “strongly denies the report issued by Bloomberg on the potential merger.”

“FAB currently has not entered discussions with ADIB to pursue any merger activity,” it said.

ADIB, in a separate bourse filing, said the news report was not correct and that the bank is “currently not studying for any merger or acquisition.”

There has been speculation in recent months of more possible banking tie-ups in light of the wave of consolidation sweeping Abu Dhabi.

With around 50 banks, the crowded UAE banking sector has been squeezed by decreased government spending and lower profit margins.

Abu Dhabi’s two largest banks, First Gulf Bank and National Bank of Abu Dhabi merged in 2017 to form First Abu Dhabi Bank while another three-way merger of Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank is currently underway. Two of Abu Dhabi’s largest investment funds, Mubadala and International Petroleum Investment Company (IPIC) were also merged.


Scammers fool Britons with investment firm clones, says trade body

Updated 51 min 42 sec ago

Scammers fool Britons with investment firm clones, says trade body

  • Losses amounted to 9.4 million pounds ($12.56 million) between March and mid-October

LONDON: More than 200 British retail investors have lost nearly 10 million pounds ($13.4 million) in total to sophisticated investment scams since a government lockdown in March to fight the COVID-19 pandemic, a trade body said on Saturday.
Fraudsters cloned genuine investment management firms’ websites and documentation, and advertised fake products on sham price comparison websites and on social media, the Investment Association said.
Greater financial uncertainty and more time spent online have likely contributed to the increase in scams, industry sources say.
Losses amounted to 9.4 million pounds ($12.56 million) between March and mid-October, the IA said, based on information it got from member firms which had been cloned.
“In a year clouded in uncertainty, organized criminals have sought opportunity in misfortune by attempting to con investors out of their hard-earned savings,” Chris Cummings, chief executive of the Investment Association said.
The investment management industry was working closely with police and regulators to stop the scams, he added.
Britain’s Action Fraud warned earlier this month that total reported losses from all types of investment fraud came to 657 million pounds between September 2019 and September 2020, a rise of 28% from a year ago. Reports spiked between May and September, following Britain’s first national lockdown, the national fraud and cybercrime reporting center added.