By Sarah Townsend
Combined entity marks its first day of trading on Abu Dhabi Securities Exchange
The merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) formally completed on Sunday, as the board of directors unveiled a new name for the bank.
In a statement, the board of directors announced that the merged entity would be named First Abu Dhabi Bank, subject to regulatory approvals and following a General Assembly Meeting to be held “at a later stage” to approve the name.
The name “reflects the new bank’s deep roots and experience in the region”, the board of directors said.
However, the bank began trading on the Abu Dhabi Securities Exchange on Sunday listed under ticker symbol “NBAD”.
The merged bank becomes the UAE’s largest bank and one of the biggest in the entire Middle East and North Africa (MENA) region with total assets in excess of AED670 billion ($180 billion) and a market capitalisation of around AED111 billion ($30 billion).
The board of directors also announced the senior leadership team of the new bank on Sunday – a team of 10 including Hana Al Rostamani as group head of personal banking; Arif Shaikh as group head of international; Karim Karoui, group head of subsidiaries, strategy and transformation; James Burdett, group CFO, and Khalaf Al Dhaheri, group COO.
Group CEO Abdulhamid Saeed said: “I am remarkably proud to announce the successful completion of the merger of FGB and NBAD, which have combined their strengths to create the UAE’s largest bank and one of the world’s most prominent financial institutions.
“As one stronger and larger bank, we will have the financial strength, expertise and international connectivity to put our customers first through an expanded range of products, services and solutions, drive strong profitability and deliver significant value for shareholders.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Another feather in the strength of the UAE economy in general and banking in particular. Let the new entity grow from strength to strength.