Dubai – Decypha: The board of directors of the new bank resulting from the merger between First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) held its first meeting, headed by His Highness Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and the designated Chairman of the Board, to discuss and approve the most important clauses and procedures related to the merger, before its expected completion during the next few weeks.
During the meeting, the board agreed on the new bank’s organisational structure and governance of private companies of the new bank and the main factors included in the 2017 budget.
The board, additionally, approved the formation of the board’s subsidiary committees, the appointment of its members and its delegation of powers, whom are expected to immediately start after the merger is completed.
During the meeting an initial operational post-merger plan was proposed, as well as for the new banking entity trends over the medium term, which aims to ensure the achievement of the unification process and seamless integration.
The importance of infrastructure for information technology and data transfer process in strengthening the systems integration process effectively for after the merger has also been discussed in the meeting.
"We are confident of the success of the merger, as the expertise and qualifications of the appointed members of the board of directors will play an effective role in leading our strategies and plans, to go forward towards achieving the intended goals of the merger. From here, we look forward to the future with great optimism, and we expect the new bank to achieve the best possible value for our contributors and our local, regional and international partners, as well as our clients and employees," said Al Nahyan
"we have crossed a big stage in the completion of the merger, as we are going the right way to establishing one of the largest banking entities in the region during the coming few weeks, especially after receiving the approval of the relevant authorities in this matter." Said Abdulhamid Saeed, the designated Executive Director of the newly merged bank.
"The FGB and NBAD have made great efforts during the past months to guarantee a smooth transition and an integrated merger, as part of the new banking entity that will be a main supporter for achieving the ambitious development plans of the UAE and the Emirate of Abu Dhabi, in a time where both banks are working on unifying their efforts to form the strongest bank in the country," concluded Saeed.
The merger of Abu Dhabi’s two biggest banks is to be completed by April 1st.
By Decypha News Editorial Team
