Dubai Financial Market-listed Shuaa Capital and Abu Dhabi Financial Group (ADFG) have commenced discussions regarding the possibility of a merger of the two institutions to become a larger financial listed firm, a statement said on Sunday.
The final outcome is subject to legal and regulatory consent, the statement added.
Also read: Dubai Group to sell Shuaa Capital stake to Abu Dhabi Financial Group
“Each party has formed a Working Group made up of senior executive management to review the commercial potential along with any legal and structural aspects of the transaction together with financial, legal and valuation advisors,” the statement noted.
On completion of the review, the Working Groups will provide their recommendations to the respective Board of Directors of each institution and, should a transaction be agreeable, seek regulatory approvals.
At this time, however, there is no certainty that discussions between the parties will result in a transaction, the statement further added.
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