27 C
Dubai
Friday, April 4, 2025
spot_img

First Abu Dhabi bank ‘unassessed’ Standard Bank offer…

[ad_1]

(Menarfin– Age of Khaleej)

Abu Dhabi-based First Abu Dhabi Bank (FAB) has clarified that it is not evaluating an offer for Standard Chartered.

In January, FAB, the largest bank in the UAE, was considering buying the London-based lender. On Thursday, Bloomberg reported that FAB was “exploring” a $35 billion offer.

However, in a clarification announcement to the Abu Dhabi Securities Exchange, FAB denied such speculation.

FAB noted in January that it was in the “very early stages” of evaluating a possible bid for Standard Chartered, but “no longer does so”.

“First Abu Dhabi Bank PJSC takes note of recent media speculation about Standard Chartered and reiterates that it will not be evaluating a possible offer for Standard Chartered,” the bank said in a statement.

“As such, First Abu Dhabi Bank and anyone acting in concert with it are subject to Rule 2.8 of the UK Code and Rule 31.1(c) of the Hong Kong Takeovers and Mergers Code.”

However, the bank emphasized that it and anyone acting in concert with FAB “reserves the right to announce an offer or possible offer for the company, or to make or participate in an offer or possible offer for the company and/or to take any other action” appearing in the following six months from the date of this announcement, if: with the consent of the company’s board of directors; if a third party announces its intention to make an offer for the company; if the company announces a proposed Section 9 exemption in relation to the UK Code or a reverse takeover or in relation to the Hong Kong Code “Whitewash” recommendations; and/or if there is a material change in circumstances (as determined by the Hong Kong Securities and Futures Commission’s Takeovers and Mergers Panel and the Takeovers Executive.

Last month, FAB announced that the group’s net profit in 2022 will be 13.4 billion dirhams, an increase of 7% over the same period in 2021, and earnings per share will be 1.18 dirhams.

MENAFN10022023000049011007ID1105557046


Legal Disclaimer:
Menarfin Information is provided “as is” without warranty of any kind. We assume no responsibility or liability for the accuracy, content, images, video, licensing, completeness, legality or reliability of the information contained herein. If you have any complaints or copyright issues regarding this article, please contact the above provider.

[ad_2]

Source link

Related Articles

TAQA and EWEC Propel UAE’s Future: Groundbreaking Energy Projects Drive AI Innovation and Net Zero Vision

TAQA ,The Abu Dhabi National Energy Company  and Emirates Water and Electricity Company (EWEC) have unveiled a series of ambitious energy infrastructure projects designed...

GeM Consultants: Empowering Vendors to Master Government Procurement

From Corporate Insight to Entrepreneurial Impact Sanyam Devgan is a traveler at heart—always exploring new expressways, seeking fresh perspectives, and embracing bold business ideas. But...

Building a Legacy of Excellence: The Story of Jinnie Facilities Private Limited

"Opportunities don’t happen. You create them." – Chris Grosser The journey of Jinnie Facilities Private Limited is a testament to the power of perseverance, adaptability,...

Building Smiles and Breaking Barriers: Dr. Arun Kulandai Velu’s Journey with 32 Dental Care

Dr. Arun was born into a family of medical professionals. His father, an ENT surgeon, and his mother, a gynecologist, instilled in him a...

The Outreach Collective: The Epicenter of India’s Education Network

For far too long, education professionals—especially those beyond traditional teaching roles—have operated in fragmented silos, with limited access to structured growth, meaningful networks, or...

Latest Articles