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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

First Abu Dhabi Bank: No Longer Considering Possible Offer for StanChart

First Abu Dhabi Bank (FAB). Reuters file photo

First Abu Dhabi Bank (FAB), the United Arab Emirates' biggest lender, said on Thursday it was considering a bid for London-listed Standard Chartered but was no longer doing so.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving Stanchart shares up as much as 20%.

The shares pared the gains to trade up 6% at 1421 GMT following FAB's statement that it was no longer pursuing a potential deal.

The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank.

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