Abu Dhabi – Mubasher: Standard and Poor’s (S&P) affirmed its “A” long-term creditworthiness rating Abu Dhabi Commercial Bank (ADCB) and maintained the outlook as stable.
The rating comes after the bank’s announcement of a merger with Union National Bank (UNB) and Al Hilal Bank, according to the rating agency’s statement released late Tuesday.
The American financial services company added that the transaction had no significant change on ADCB's performance in the UAE market.
It also affirmed that the merger would help ADCB reinforce its position as the third largest financial institution in the UAE and become the fifth largest lender in the GCC.
It is worth noting that the bank posted a 13% year-on-year hike in its profits for the full-year 2018, registering AED 4.84 billion.
By 01:41 pm UAE time, ADCB’s stock rose 0.34% at AED 8.78.
