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Thu 6 Apr 2017 02:54 PM

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Abu Dhabi banks to complete unification process in 2019

NBAD to hold meeting on April 24 to get shareholder approval for name change for new FGB merged entity

Abu Dhabi banks to complete unification process in 2019

National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) will unify its operations and records by 2019, WAM reported on Wednesday.

The merger was completed on April 2 and will be called First Abu Dhabi Bank.

NBAD will hold a general assembly meeting on April 24 to secure the approval of the name for the new entity.

The name change will, however, require sanctions of authorities such as the UAE Central Bank and the Securities and Commodities Authority.

As per the latest statistics, the market value of the merged entity hit AED113 billion on April 2, with its branch numbers reaching 171, of which 125 are located in the UAE and 46 across the world.

The new bank has announced that until further notice the clients of the two banks will retain the same existing accounts, with operating mechanisms remaining the same without interruptions, WAM said.

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