Abu Dhabi 
Bank Mergers on Back Burner: NBAD Chief

ABU DHABI - Mergers among leading Abu Dhabi banks are on the back burner due to the economic turmoil despite the need for consolidation to face mounting competition, the CEO of National Bank of Abu Dhabi said on Thursday.

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By (Reuters)

Published: Sat 14 Feb 2009, 12:47 AM

Last updated: Sun 5 Apr 2015, 9:35 PM

Michael Tomalin said Abu Dhabi needs to have a bigger bank to compete more effectively with 
global behemoths.

NBAD, the second largest bank in the UAE, has made several proposals to its government owners to grow through mergers, especially after the 2007 merger of two Dubai banks form Emirates NBD.

“It has not gone that way. In these markets, the case for consolidation is less pressing, it should be done when the economic climate is good,” he told Reuters in an interview.

“My sense is, it is not on the agenda now. But it is for the owners to consider,” he said.

(Reuters)

Published: Sat 14 Feb 2009, 12:47 AM

Last updated: Sun 5 Apr 2015, 9:35 PM

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