Major Abu Dhabi lenders merge to create UAE’s largest bank

Two major lenders in the UAE, the First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), have completed a merger to become the largest bank in the country under the name First Abu Dhabi Bank.
The new bank has total assets of $180 billion and capital of nearly $3 billion, making it one of the largest banks in the Middle East as well.
Sheikh Tahnoon bin Zayed Al-Nahyan, chairman of the new bank, said: “Today marks the start of another historic chapter in the story of the UAE. Embodying the UAE’s vision for growth and prosperity, we are confident that, the First Abu Dhabi Bank will create new opportunities for our nation and support the growth ambitions of our shareholders, customers and employees, around the world.”
“This is a transformational moment for Abu Dhabi, the region and beyond and is an extension of the legacy of both banks, which spans over a period of 50 years,” Abdulhamid Saeed, group chief executive of the new bank, said in a statement.
The First Abu Dhabi Bank began trading Sunday on the Abu Dhabi Securities Exchange (ADX) under the symbol “NBAD.”
“The start of trading on the shares of the new bank should reflect positively on the overall trading on the exchange … and should attract more investors, whether local or foreign, individuals or institutional,” said ADX chief Rashed Al-Baloushi.
The plan for a merger was first announced in July.

Source: Arab News