Abu Dhabi Commercial Bank PJSC (ADX:ADCB) agreed to acquire Union National Bank - Public Joint Stock Company (ADX:UNB) from Abu Dhabi Investment Council, Investment Corporation of Dubai and others for AED 14.6 billion on January 28, 2019. Pursuant to the terms, ADCB will issue 0.5966 shares for each share of UNB. The transaction will be executed through a statutory merger. Upon-completion, Abu Dhabi Investment Council, will own 60.2% of the combined entity, other ADCB shareholders will own approximately 28% and other UNB shareholders will own approximately 11.8% of the combined entity. UNB will be de-listed from the Abu Dhabi Securities Exchange and will be dissolved. Post-completion, the combined entity will acquire Al Hilal Bank PJSC. The combined entity will carry the ADCB identity, with Al Hilal Bank retaining its existing name and brand and operating as a separate Islamic banking entity within the group. The three banks will continue to operate independently until the combination becomes effective. The combined entity will retain ADCB's legal registrations. Eissa Mohamed Al Suwaidi will be the Chairman designate of the new banking group, Mohammed Bin Dhaen Al Hamily will be the Vice Chairman designate and Ala’a Mohammed Eraiqat will be the Group Chief Executive Officer. The new Board of 11 members and management of the combined entity will assume their new roles when the transaction becomes effective and include Ala’a Eraiqat, Khalid Deemas Al Suwaidi, Aysha Al Hallami, Khalid Haji Ali Khoori, Abdulla Khalil Al Mutawa, Mohamed Hamad Al Muhairi, Saeed Mohamed Al Mazrouei and Carlos Antoine Obeid. The transaction is subject to approval from at least 75% shareholders of ADCB and UNB. The transaction also requires approval from noteholders and from relevant regulatory authorities. The transaction is unanimously approved by the Board of Directors of ADCB and UNB and the respective Boards recommended shareholders to vote in favor of transaction. The record date for the General Meeting of Abu Dhabi Commercial Bank PJSC and Union National Bank - Public Joint Stock Company has been set to March 21, 2019. On March 21, 2019, the shareholders of Abu Dhabi Commercial Bank and Union National Bank passed the necessary shareholder resolutions at their respective general assembly meetings to approve the proposed merger. The transaction is expected to complete in first half of 2019. As of March 6, 2019, the transaction is expected to complete by May 1, 2019. Barclays Bank PLC, United Arab Emirates acted as financial advisor for ADCB and J.P. Morgan Securities LLC acted as financial advisor for UNB. Karen Abboud, Charlotte Abell, Ruqaiya Ali, Sezan Al-Rahmani, Rachael Ashley, Yusuf Battiwala, Faisal Buali, Tom Butcher, Sboniso Cibane, Hayley Cloherty, Fergal Coney, Chris Crawford, Michelle Dalton, Catherine Doherty, Sara Fegan, Andrew Gawn, Nicholas Halewood, Jessica Hansford, Rachel Healey, Gillian Hepburn, Christopher Hewitt, Robert Hughes, Katie James, Prateek Karamchandani, Kirsty Keegan, Eoghan Kerr, Jamie King, Pravesh Lallah, Koketso Lediga, Ahmad Ma'abreh, Dylan MacDonald, Jessie McDonald, Charlotte McGuinness, David McGuinness, Peter McParland, Anzal Mohammed, Anthony Mrad, Ibrahim Mubaydeen, Jodie Muller, George Murphy, Christian Parker, Emily Plested Glass, Danielle Quinn, Zeid Qursha, George Rawlinson, Amy Rice, Ken Rivlin, Christian Saunders, Adrianus Schoorl, Lulama Selele, Daniel Smith, Sylvie-Anne Stenton, Rhiannon Stewart, Henry Storrar, Nicholas Stuart, Anthony Traboulsi, Shanthi Maria Vignasen and Pierce Young of Allen & Overy LLP acted as legal advisor and KPMG acted as accountant to ADCB. Mo Al-Shukairy, Sumit Ram, Jack Hardman, Zahra Shahab, Charlotte Monk, Mohamed Tighilt, Fizel Nejabat, Connor Partos, Sara Salameh, Yemi Adekoya, Omid Hakimazari, Tariq Ali Imam Janeen Pickering, Richard Patrick Cameron, Nicola Birman, Hayley Margot Howard, Robin Guy Abraham, Lilly Alamir, Emily Carling, Ahmed Choudhry, Uzair Khan, Shayan Ahmad Najib, Katie Joukadjian, Jason Anthony Gouveia, Stuart Ure, Cheuk yin Cheung, Rafe Hanif Khokhar, Clara Wendy Gold, Ozan Yalti, Paul Deakins, Bethany Jane Lightley-Hunt, Djamela Magid, Kimi TianFeng Liu, Jay Liang, Kelly Maree Gregory, Sherry Shan, Mercia Wang, Simon Corzberg and André Andre Duminy of Clifford Chance LLP (UAE) acted as legal advisor and Ernst and Young acted as accountant to UNB. Deloitte & Touche (M.E.) acted as accountant to Abu Dhabi Commercial Bank PJSC and Union National Bank - Public Joint Stock Company. Ashwath Rau. Anu Tiwari, Vipul Jain and Aditya Alok of AZB & Partners acted as legal advisors to Abu Dhabi Commercial Bank PJSC.