Abu Dhabi – Mubasher: United Arab Bank (UAB) on Sunday denied news that it was planning to merge with Invest Bank and Bank of Sharjah.
The bank is committed to all transparency and disclosure standards, UAB said in a statement to the Abu Dhabi Securities Exchange (ADX), following news reports that a merger between UAB, Invest Bank, and Bank of Sharjah was imminent.
In a separate bourse statement, Invest Bank said there were no talks with UAB or Bank of Sharjah over a rumoured merger, indicating that such news was mere hearsay.
Last week, Reuters reported that the Bank of Sharjah, Invest Bank, and UAB were in talks to create a banking entity with AED 66.2 billion ($18 billion) in assets.
In November, the three banks had said that they were negotiating a potential merger.
