First Abu Dhabi Bank PJSC said it was reviewing a potential bid for Standard Chartered Plc, which would have been a complex deal aimed at building an emerging markets lender with more than $1 trillion in assets.
The Middle East's largest bank was previously in the "very early stages of evaluating a potential bid for Standard Chartered," but is no longer doing so, according to a regulatory filing filed on Thursday. Bloomberg News reported earlier Thursday that FAB has been rating Standard Chartered for more than six months as it considers a potential bid for the London-based lender.
Abu Dhabi Bank had considered a full takeover of the London-based lender, according to people familiar with the matter. FAB, as the bank is known, has been working with advisers although no formal approach has been made, people said, declining to be identified as the consultations are private.
This story is from the January 06, 2023 edition of Business Standard.
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This story is from the January 06, 2023 edition of Business Standard.
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