Al Hilal Bank PJSC is cutting 160 jobs ahead of the proposed 3-way merger with Abu Dhabi Commercial Bank PJSC and Union National Bank - PJSC, Reuters reported March 24.
The reports of the move emerge after shareholders of ADCB and UNB approved the merger between them and with Al Hilal, the United Arab Emirates banks said in their statements.
A majority of the employees affected by the move were those outsourced from a Dubai-based company and worked mainly in the retail and sales division, while some of them worked in administration and finance, sources told Reuters.
The lender is expected to further reduce its headcount in June, with the merger likely to result in at least 500 job cuts, according to the report. Most of these reductions are likely to be made at UNB and Al Hilal.
Al Hilal will operate under its own Islamic identity following the merger, which is now slated to complete in the second half of 2019 instead of the first. Under the terms of the transaction approved by shareholders, ADCB will issue convertible bonds to Al Hilal's shareholders.