First Abu Dhabi Bank P.J.S.C. (ADX:FAB) said it was reviewing a potential bid for Standard Chartered PLC (LSE:STAN), which would have been a complex deal aimed at building an emerging markets lender with more than $1 trillion in assets. The Middle East's largest bank was previously in the “very early stages of evaluating a potential bid for Standard Chartered,” but is no longer doing so, according to a regulatory filing filed on January 5, 2022. Bloomberg News reported earlier on January 5, 2022, that FAB has been rating Standard Chartered for more than six months as it considers a potential bid for the London-based lender.

Abu Dhabi Bank had considered a full takeover of the London-based lender, according to people familiar with the matter. FAB, as the bank is known, has been working with advisers although no formal approach has been made, people said, declining to be identified as the consultations are private. The Gulf lender is also considering other deal structures, such as acquiring parts of the UK-based company, one of the people said.

Any deal faces significant hurdles given the complexity of the transaction, they said. A Standard Chartered representative declined to comment. Standard Chartered shares rose as much as 21% on reported takeover interest before giving up most of those gains to trade 5.7% higher as of 2:05 p.m. in London.