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Top Dubai commercial banker does not rule out more mergers
December 15, 2016 / 7:55 AM / a year ago

Top Dubai commercial banker does not rule out more mergers

DUBAI, Dec 15 (Reuters) - Banks in United Arab Emirates are open to mergers in the near term and deals involving Dubai lenders cannot be ruled out, the head of the national banking industry association, Abdulaziz al-Ghurair, told Dubai’s Bayan newspaper.

His comments come after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) agreed to merge to create one of the largest banks in the Middle East and Africa with assets of about $175 billion.

Ghurair, who is also chief executive of Mashreq Bank , said the banking sector was open to strategic mergers, such as the NBAD and FGB deal, and did not rule out a new banking merger in Dubai, the newspaper reported. (Reporting by Hadeel Al Sayegh; editing by David Clarke)

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