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Abu Dhabi Commercial Bank confirms potential merger talks with 2 UAE-based peers

Abu Dhabi Commercial Bank PJSC confirmed that it is in talks with United Arab Emirates-based peers Union National Bank - PJSC and Al Hilal Bank PJSC regarding a potential merger or combination.

The lender, however, noted that the discussions are at a "very preliminary" stage and may not result in a deal.

In a separate statement, Union National Bank also confirmed early talks with Abu Dhabi Commercial Bank.

The potential transaction could create a combined entity with assets of around $110 billion, Bloomberg News previously reported.