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Abu Dhabi Comm Bnk (IRSH)

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Thursday 21 March, 2019

Abu Dhabi Comm Bnk

Notice to creditors of Abu Dhabi Commercial Bank

RNS Number : 6118T
Abu Dhabi Commercial Bank PJSC
21 March 2019
 

 

Notice to creditors of

Abu Dhabi Commercial Bank PJSC

 

 

 

 

Following the announcement on 29th January 2019 that Abu Dhabi Commercial Bank PJSC (ADCB) and Union National Bank PJSC (UNB) intend to merge and together acquire Al Hilal Bank PJSC (AHB), we would like to update you on the transaction and your rights as a creditor of ADCB.

 

On 21st March 2019, the shareholders of ADCB and UNB passed the necessary shareholder resolutions at their respective general assembly meetings to approve the proposed merger, pursuant to the UAE Federal Law No. 2 of 2015 Concerning Commercial Companies (the Law). ADCB shareholders also approved the acquisition of the entire issued share capital of AHB immediately following the completion of the proposed merger.

 

The combination of the three banks creates a robust platform to grow the Bank's consumer and wholesale businesses in both conventional and Islamic banking. Greater scale will permit larger scope for financing to support the UAE's economic agenda for diversification, growth and investment in the bank's people, technology and infrastructure.

 

Pursuant to Article 288 (4) of the Law, we would like to notify you, as a creditor of ADCB, of the right to object to the proposed merger in writing within 30 (thirty) days from the date of this notice at the head oce of ADCB as set out below:

 

Abu Dhabi Commercial Bank PJSC

Abu Dhabi Commercial Bank Building 

Sheikh Zayed Bin Sultan Street

P.O. Box 939, Abu Dhabi 

United Arab Emirates

 

 

You would also need to deliver a copy of your objection to the Securities & Commodities Authority (within such 30 day period) at the following address:

 

The Securities and Commodities Authority

13th Floor, Al Gaith Tower

Hamdan Bin Mohammed Street, Abu Dhabi 

United Arab Emirates

 

We will be happy to assist should you have any questions. For more information on the 
proposed merger, please visit 
beyondambition.com

 

 

Abu Dhabi Commercial Bank PJSC


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