In January, FAB, the largest bank in the UAE, was considering buying the London-based lender
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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 that in January it was in the “very early stages” of assessing a possible bid for Standard Chartered, but was “no longer doing 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.