(Bloomberg) — If you’re struggling to keep up with the pace of bank consolidation in the Gulf, here’s an overview of which lenders are in merger talks and where those conversations are at.
(Listed by the size of the combined assets based on the latest filing.)
Abu Dhabi Islamic Bank and First Abu Dhabi Bank
Talks are said to be underway in Abu Dhabi for a possible tie-up between Abu Dhabi Islamic Bank PJSC with First Abu Dhabi Bank PJSC, a merger that would create one of the Middle East’s largest lenders. FAB last month said it “currently has not entered discussions with ADIB to pursue any merger activity,” while ADIB said it’s currently not studying a merger with other lenders.
National Commercial Bank and Riyad Bank
Saudi Arabia’s biggest lender at the end of 2018 said it’s starting initial talks with Riyad Bank. This deal would form the Gulf’s third-biggest lender.
Emirates NBD and Denizbank
Dubai’s largest bank is buying Turkey’s Denizbank AS for $2.8 billion, a more favorable deal than previously agreed on due to the lira’s slump
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal
This three-way merger creates the fifth-biggest lender in the Gulf.
Kuwait Finance House and Ahli United Bank
A merger between the Kuwaiti and the Bahraini lenders would form the region’s sixth-biggest bank. KFH in January offered to buy Ahli United Bank in a share-swap deal.
Dubai Islamic Bank and Noor Bank
The United Arab Emirates’ biggest Islamic lender said in April it’s weighing a possible acquisition of Dubai-based Noor Bank PJSC.
Saudi British Bank and Alawwal Bank
Saudi British Bank last year agreed to buy Alawwal, which is 40 percent owned by Royal Bank of Scotland Group Plc. Saudi British Bank, a unit of HSBC Holdings Plc, said in March it expects to complete the transaction in the first half.
International Bank of Qatar and Barwa Bank
Barwa Bank said last month it completed the merger with International Bank of Qatar. The deal partially salvaged an earlier attempt to create the country’s largest Shariah-compliant bank.
Shuaa Capital and Abu Dhabi Financial Group
Dubai-based Shuaa Capital PSC in March said it’s reviewing the commercial potential of a merger with Abu Dhabi Financial Group.
Alizz Islamic Bank and Oman Arab Bank
The Omani lenders in October signed an MoU for a potential merger.