Three banks in Abu Dhabi banks have denied reports of a merger. Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB) and Abu Dhabi Islamic Bank (ADIB) said in separate statements they were not involved in any merger talks. The rumor had forced stock exchanges to stop trading in the shares of these three banks. A news report earlier said the Abu Dhabi government was considering a merger between ADCB and UNB, and another between ADIB and Al Hilal Bank. Two large banks in the country, National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), have earlier agreed a merger that is expected to be completed in the first quarter of 2017. UAE has some 50 banks.
