ADX re-starts trade in ADCB, ADIB after brief suspension

Dubai

The Abu Dhabi Securities exchange re-started trade in Abu Dhabi Commercial Bank (ADCB), and Abu Dhabi Islamic Bank (ADIB), after a brief halt post a clarification from the bank on merger report, according to market participants.

Trades in ADCB, ADIB was suspended 15 minutes after the market opening, but were later re-started after the statement from the banks denying a report on a possible merger.

Last week, Bloomberg reported that ADCB and UNB might merge with each other, and that ADIB might merge with Al Hilal Bank. Union National Bank was yet to re-start trade, according to bourse data.