The potential merger between Abu Dhabi Commercial Bank PJSC, Union National Bank - PJSC and Al Hilal Bank PJSC could result in 1,000 job losses, Bloomberg News reported.

Preliminary discussions began in September and the three United Arab Emirates-based lenders are now conducting due diligence and are assessing valuations.

The merger talks may not result in a deal, as final agreements have not been made. A combined entity would have approximately $115 billion in assets, according to the Dec. 23 report.