United Arab Emirates financial giant First Abu Dhabi Bank admitted that it was previously considering a bid for Standard Chartered but is no longer doing so.
First Abu Dhabi Bank (FAB) said it is no longer considering a bid for Standard Chartered after previously being in «the very early stages of evaluating a possible offer», according to a regulatory filing.
The statement follows a «Bloomberg» report, citing unnamed sources, of FAB’s exploration for a full or partial acquisition of Standard Chartered for over six months, which drove the British lender’s share price higher.
The Russia-Ukraine conflict has sent oil prices higher and fuelled an economic boom in the Gulf region, leading its financial firms to seek new deals. Saudi National Bank, for example, announced in October 2022 that it was investing up to $1.5 billion for a 9.9 percent stake in Credit Suisse.
