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Abu Dhabi Comm Bnk (IRSH)

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Wednesday 01 May, 2019

Abu Dhabi Comm Bnk

Merger between ADCB & UNB & Aquisition of Al Hilal

RNS Number : 7359X
Abu Dhabi Commercial Bank PJSC
01 May 2019
 






1 May 2019

Dear Sirs

 

Re: Merger between Abu Dhabi Commercial Bank PJSC, Union National Bank PJSC and the acquisition of Al Hilal Bank PJSC

We are writing to notify you that on 1 May 2019, Union National Bank PJSC (UNB) merged with Abu Dhabi Commercial Bank PJSC (ADCB) (the Merger) and ADCB, as the surviving entity of the merger, acquired the entire issued share capital of Al Hilal Bank PJSC (the Acquisition and together with the Merger, the Combination).

The Merger was implemented by way of a statutory merger, whereby UNB's assets and liabilities were transferred to ADCB in consideration for the issuance of shares in ADCB to the shareholders of UNB. ADCB assumed all rights and obligations of UNB such that ADCB is the legal successor to UNB. UNB automatically dissolved as a result of the Merger. Following the Acquisition, Al Hilal Bank PJSC remains a separate legal entity owned by ADCB.

We have now also received a certificate acknowledging completion of the Combination from the United Arab Emirates Security and Commodities Authority.

Former UNB employees, staff and representatives have automatically transferred to ADCB. ADCB will be issuing new powers of attorney and other relevant authorities to all applicable staff in order to be able to continue UNB's business as usual until full integration with ADCB has completed, which is expected to take place in August 2019.

Please update your systems and records relating to UNB accordingly and if applicable, we kindly request that any UNB assets you hold as security be marked in the name of ADCB rather than UNB.

 

Further information about the Combination can be found at the website www.beyondambition.com.  

 

Yours faithfully

 

Abu Dhabi Commercial Bank PJSC


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