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Bank mergers announced in UAE

The Central Bank of the UAE, CBUAE, is making the following announcement on behalf of the EIBOR Advisory Committee and the EIBOR panel of banks.

With the merger of Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) approaching, effective the 1st of May 2019, UNB will no longer be a contributor to the EIBOR Fixings.

For the purposes of EIBOR Fixings, the last date for EIBOR submissions by UNB will be the 30th of April 2019.

The EIBOR Advisory Committee, appointed by Central Bank of the UAE, CBUAE, has recommended the name of the National Bank of Ras Al Khaimah to join the EIBOR panel of Banks effective from the 1st of May 2019.

CBUAE has approved this and the said bank will begin submitting EIBOR fixings from that date.

Source: WAM

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