# First Abu Dhabi Bank reiterates not eyeing offer for Standard Chartered
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-10
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: First Abu Dhabi Bank not evaluating bid for Standard
Meta Description: First Abu Dhabi Bank clarifies that it is not evaluating a bid for Britain's StanChart, dispelling recent rumours. Stay informed with Reuters.
URL: https://financedigest.com/first-abu-dhabi-bank-reiterates-not-eyeing-offer-for-standard-charteredhtml

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SINGAPORE (Reuters) – First Abu Dhabi Bank (FAB), the United Arab Emirates’ biggest lender, said on Friday it was not currently evaluating an offer for Britain’s Standard Chartered, the second time it has quashed reports of an imminent bid.

News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so.

StanChart’s shares fell nearly 5% early on Friday following the statement, having risen 11% the day before after Bloomberg News reported that the [Abu Dhabi](https://www.financedigest.com/venom-foundation-and-hub71-partner-to-accelerate-growth-and-adoption-of-blockchain-technologies-from-abu-dhabi.html "Venom Foundation and Hub71 Partner to Accelerate Growth and Adoption of Blockchain Technologies from Abu Dhabi") lender was considering reviving the bid once a lock-up period that prevents it immediately doing so expires.

First Abu Dhabi [Bank PJSC notes the recent](https://www.financedigest.com/the-recent-bank-of-england-meeting-the-biggest-rate-hike-recession-warning-and-the-fallout.html "The recent Bank of England meeting, the biggest rate hike, recession warning and the fallout") 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.

FAB was considering [offering $30 billion](https://www.financedigest.com/copper-miner-teck-resources-rejects-glencores-22-5-billion-offer.html "Copper miner Teck Resources rejects Glencore’s .5 billion offer") to $35 billon, the Bloomberg report said.

StanChart, which has for decades been the subject of takeover rumours without a deal ever materialising, had a market value of [nearly $27 billion](https://www.financedigest.com/collapsed-ftx-owes-nearly-3-1-billion-to-top-50-creditors.html "Collapsed FTX owes nearly .1 billion to top 50 creditors"), based on Thursday’s closing price.

FAB in its statement said that it and related parties reserve “the right to announce an [offer](https://www.financedigest.com/brickvest-partners-with-beos-to-offer-innovative-commercial-property-employee-participation-fund.html "BrickVest partners with BEOS to offer innovative commercial property employee participation fund") or possible offer for the company or make or participate in an offer or possible offer for the company,” within six months of the date of this announcement.

[(Reporting by Anshuman Daga, additional reporting by Lawrence White in London; Editing by Jacqueline Wong, Muralikumar Anantharaman and Tomasz Janowski)](https://www.financedigest.com/london-reclaims-place-as-preeminent-global-financial-centre-for-the-first-time-since-2013-according-to-global-regulatory-outlook-report-from-duff-phelps.html "London reclaims place as preeminent global financial centre for the first time since 2013, according to Global Regulatory Outlook report from Duff & Phelps")


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