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UAB shares rise after Commercial Bank bid

A proposed bid from the Commercial Bank of Qatar led to a ten per cent surge on shares of United Arab Bank (UAB).

Commercial Bank is Qatar's second-largest lender and it announced in August that major shareholders had approved a purchase for the UAB but it was awaiting approval from the central bank.

Following the biggest rise in one day in more than nine weeks, shares in the Sharjah-based bank were up 9.94 per cent to $1.96.

Speaking to Reuters, UAB's chief executive officer, Bertrand Giraud, said: "The board was officially informed of the elements of Commercial Bank of Qatar's plans. Both sides are waiting for the respective authorities to give a decision."

Mohammed Yasin, Managing Director of Shuaa Securities told Reuters: "Volumes are not that high today but the trades today seem to register a market price which is higher than previous levels. It could also be related to the bid made by the Qatari bank."