First Abu Dhabi mulls fresh approach for StanChart - report
By Abigail Townsend
Date: Wednesday 01 Feb 2023
(Sharecast News) - Shares in Standard Chartered ticked higher in early trading on Monday, after it was reported that First Abu Dhabi Bank was still considering a potential offer for the UK blue chip.
The UAE's biggest lender confirmed last month that it had been evaluating a possible offer for Standard Chartered, a specialist in emerging markets, but it was "no longer doing so".
Under City takeover rules, the bank cannot now make an approach for six months, unless another bidder emerges.
But according to the Financial Times, citing "several people close to the lender", First Abu Dhabi Bank is already considering reviving the idea once the cooling off period ends in July.
Should a deal go ahead, it would create a bank with more than $1trn in assets and a worldwide presence. Shares in Standard Chartered leapt when news of a possible approach first leaked in January, and on Monday they had put on 1% at 685p by 0900 GMT.
Both Standard Chartered and First Abu Dhabi Bank declined to comment on the report.
First Abu Dhabi Bank was founded in 2017 when the UAE merged two lenders. London-listed Standard Chartered, which traces its roots back to 1853, derives around 90% of its profits from Asia, Africa and the Middle East.
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