Abu Dhabi - Decypha: The merger operation between the National Bank of Abu Dhabi (NBAD) and the First Gulf Bank (FGB) has been legally finalized, and the new bank started trading in Abu Dhabi Securities Exchange (ADX) on Sunday.
Operating under the name of First Abu Dhabi Bank, the market regulator and the general assembly have approved the merger which created the “largest bank” in the UAE, with assets amounted to AED 670 billion ($180 billion), according to a statement from the bank.
The First Abu Dhabi bank’s strategy will focus on being a leader in the financial service industry and a dominant banking player in the UAE, stated the CEO of the new bank, Abdul Hamid Saeed.
The bank’s capital amounts to AED 10.9 billion, with property rights of AED 98 billion, and a market value of AED 111 billion, explained Saeed.
“With the bank’s branches in 19 countries, the bank will work to strengthen its international business to allow our customers the ability to reach global markets,” Saeed said.
The board of directors of the bank, whose names were announced, has set the direction and key priorities of the bank.
By Decypha Editorial Team
