UAE banking sector could see more mergers – Al Ghurair

Banks in United Arab Emirates are open to mergers in the near term and deals involving Dubai lenders cannot be ruled out, the head of the national banking industry association, Abdulaziz al-Ghurair, told Dubai’s Bayan newspaper.

His comments come after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) agreed to merge to create one of the largest banks in the Middle East and Africa with assets of about $175bn.

Ghurair, who is also chief executive of Mashreq Bank, said the banking sector was open to strategic mergers, such as the NBAD and FGB deal, and did not rule out a new banking merger in Dubai, the newspaper reported.