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 The Qatar-based Commercial Bank has rejected media reports that it’s planning to sell stake in the UAE-based United Arab Bank (UAB).

“The Commercial Bank has denied reports that it was attempting to sell its 40 per cent stake in its UAE-based associate bank, United Arab Bank. Although it was reported by some media sources that Commercial Bank has been trying to sell its stake in UAB, Commercial Bank explicitly refuted these reports,” the bank said in a statement.

Abdulla Saleh Al Raisi, Chief Executive Officer of Commercial Bank, said: “The Commercial Bank has not contacted or held any talks with local or regional banks or any other financial institution to commence discussions to sell its stake in its UAE-based associate bank. UAB has experienced difficult market conditions resulting in prudent provisioning during Q3 this year. However, we have no plans to withdraw from the UAE market and confirm that there has been no attempt to sell the Commercial Bank’s stake in UAB."

The Sharjah-based UAB swung into third-quarter loss due to sharp rise in commercial loan defaults. The bank posted a loss of Dh272.6 million in Q3 2015 as compared to Dh169.2m profit in the same period last year as it set aside Dh466 million in provisions.