The investment banks are in merger talks that would create an entity with an equity value of about $250 million.
Tuesday 07, May 2019
(Bloomberg) – Dubai’s Arqaam Capital and Abu Dhabi-based The National Investor (TNI), are weighing a possible merger.
Arqaam would have management control of the merged bank and its investors would hold about 40 per cent.
Discussions are at an early stage and may not lead to a deal.
Banks in the Gulf are leading a record wave of mergers and acquisitions (M&A) as governments look for ways to stay competitive and battle slow growth. About a dozen lenders are involved in mergers or takeovers.
The flow of deals has been gathering speed ever since the mega-merger between two of Abu Dhabi’s largest banks in 2017.
Arqaam was set up by former Barclays Capital banker Riad Meliti in 2007 to focus on investment banking in emerging markets. The company has offices in in Dubai, Cairo as well as Johannesburg, and its research arm covers 280 listed companies in 26 countries.
While, privately-owned The National Investor has four business divisions covering investment banking, private equity as well as asset management and principal investments including real estate.