Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender – Gulf Business

UAE lenders Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have confirmed plans to merge and together acquire Al Hilal Bank to create the country’s third largest lender. The new banking group will carry the ADCB identity and will continue to have institutional backing from its biggest stakeholder – the Abu Dhabi government, a statement said. Source: Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender – Gulf Business

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Singapore bank DBS to ‘almost double’ Dubai private banking staff by 2023 – Gulf Business

DBS, Southeast Asia’s largest bank, said it would almost double its Dubai private banking staff in its bid to triple revenue for those operations in the Middle East by 2023, capitalising on a shift of investments towards Asia. The Singapore bank is joining Citibank and other global lenders expanding wealth management operations in the region. The prospective client base includes wealthy Middle East business people, family offices and non-resident Indians. Source: Singapore bank DBS to ‘almost double’ Dubai private banking staff by 2023 – Gulf Business

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Revealed: Top 10 banks in the UAE – Gulf Business

Things have been on the up for the GCC’s banks, which collectively recorded a better year in 2017 despite slowing economic growth in the region as a whole.Banking activity was supported by a higher oil price and continued infrastructure investment as Gulf states diversify their economies in various ways. Commercial activity in the region expanded in 2017 and consumer confidence grew, albeit slightly. As a result, our list of the region’s 50 leading banks – ranking institutions in Bahrain, Kuwait, Oman, Saudi Arabia and the UAE – recorded higher net profit in 2017. Source: Revealed: Top 10 banks in the

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UK real estate firm Savills acquires Cluttons Middle East – Gulf Business

UK-based real estate advisory firm Savills has announced its acquisition of consultancy Cluttons Middle East.Savills said the business employs 190 staff in seven cities across the UAE, Bahrain, Egypt, Oman and Saudi Arabia and provides agency, management and consultancy advice in the commercial and residential sectors. Source: UK real estate firm Savills acquires Cluttons Middle East – Gulf Business

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Dubai’s Emirates NBD to acquire Turkey’s DenizBank for $3.19bn – Gulf Business

Dubai’s largest bank Emirates NBD has announced a definitive agreement to acquire a 99.85 per cent stake in Turkish private bank DenizBank from Russia’s Sberbank for TRY14.6bn ($3.19bn).The deal represents a coup for Emirates NBD amid reports that it had been met with resistance from Turkish President Tayyip Erdogan, who sided with Qatar against the UAE, Saudi Arabia and Bahrain in last year’s Gulf dispute. Source: Dubai’s Emirates NBD to acquire Turkey’s DenizBank for $3.19bn – Gulf Business

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