Bloomberg first cited sources as confirming discussions to combine Abu Dhabi Commercial Bank PJSC (ADX:ADCB), Union National Bank - Egypt (S.A.E) (CASE:UNBE) and Al Hilal Bank PJSC. If successful a deal could be announced as early as September 2018, the sources said, emphasizing that a final decision has yet to be made. ADCB then issued a statement confirming it was in “exploratory talks regarding a potential merger with Union National Bank” and had begun “similar and separate” discussions with Al Hilal.

Union issued a similar statement confirming talks with ADCB.