ADCB Finance (Cayman) Ltd Notice to Holders (7365X)
May 01 2019 - 5:36AM
UK Regulatory
TIDM43BI
RNS Number : 7365X
ADCB Finance (Cayman) Ltd
01 May 2019
1 May 2019
Dear Sirs
Re: Merger between Abu Dhabi Commercial Bank PJSC, Union
National Bank PJSC and the acquisition of Al Hilal Bank PJSC
We are writing to notify you that on 1 May 2019, Union National
Bank PJSC (UNB) merged with Abu Dhabi Commercial Bank PJSC (ADCB)
(the Merger) and ADCB, as the surviving entity of the merger,
acquired the entire issued share capital of Al Hilal Bank PJSC (the
Acquisition and together with the Merger, the Combination).
The Merger was implemented by way of a statutory merger, whereby
UNB's assets and liabilities were transferred to ADCB in
consideration for the issuance of shares in ADCB to the
shareholders of UNB. ADCB assumed all rights and obligations of UNB
such that ADCB is the legal successor to UNB. UNB automatically
dissolved as a result of the Merger. Following the Acquisition, Al
Hilal Bank PJSC remains a separate legal entity owned by ADCB.
We have now also received a certificate acknowledging completion
of the Combination from the United Arab Emirates Security and
Commodities Authority.
Former UNB employees, staff and representatives have
automatically transferred to ADCB. ADCB will be issuing new powers
of attorney and other relevant authorities to all applicable staff
in order to be able to continue UNB's business as usual until full
integration with ADCB has completed, which is expected to take
place in August 2019.
Please update your systems and records relating to UNB
accordingly and if applicable, we kindly request that any UNB
assets you hold as security be marked in the name of ADCB rather
than UNB.
Further information about the Combination can be found at the
website www.beyondambition.com.
Yours faithfully
Abu Dhabi Commercial Bank PJSC
This announcement has been issued through the Companies
Announcement Service of Euronext Dublin.
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END
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