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3 Abu Dhabi banks in merger talks

UAE-based Abu Dhabi Commercial Bank PJSC and Union National Bank - PJSC are in discussions to merge with Al Hilal Bank PJSC, Bloomberg News reported, citing people with knowledge of matter.

The potential merger would form a bank with some $110 billion of assets. Two of the sources said an announcement could come as early as in September if the talks are successful, the newswire said.

The government is combining state-owned companies following a decline in oil prices and asset quality, according to the report.