Abu Dhabi, UAE – First Abu Dhabi Bank (FAB) reiterated on Friday that it’s “not evaluating a possible offer for Standard Chartered.”
The company refuted the speculations in the press in a report to Abu Dhabi Securities Exchange (ADX). This is the second time it has quashed reports of an imminent bid.
“First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered,” the lender said in Friday’s statement.
StanChart’s shares dipped roughly 5% in early Friday trading after rising 11% the day before after Bloomberg News reported that the Abu Dhabi lender was considering resuming the bid once a lock-up period that precludes it from doing so immediately expires.
Standard Chartered is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.