First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) strongly denied reports that they were in talks to merge their companies. Both the bank said that the report was “unsubstantiated” and “false”. ADCB said that it “categorically denies the false content of the article about the potential merger,” in an exchange filing, adding that that it was successfully implementing a five-year strategy. FAB also said that “has not entered discussions with ADCB to pursue any merger activity” and that it was focused on achieving its long-term strategy.

FAB’s 4.5% Perp was down 0.6 points to 100.1, yielding 4.5% and ADCB’s 4% 2023s were flat at 102.02, yielding 1.95%.

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