Financial and Banking News


Three Abu Dhabi Banks Merge with Government Support 

Three small Abu Dhabi-based banks - Khaleej Commercial (KCB), Emirates Commercial (ECB) and Federal Commercial Bank (FCB) - were last week merged under the terms of a state-backed scheme which leaves the government of Abu Dhabi with a controlling stake in the new Commercial Bank of Abu Dhabi (CBAD). The merger has been approved by the three banks on the basis of a one-for-one swap for new...