NBAD, FGB shareholders to meet in December to approve mega-merger

Merger of Abu Dhabi banks will create one of the largest banks in the Middle East and Africa with assets of around $175 billion
NBAD, FGB shareholders to meet in December to approve mega-merger
By Reuters
Mon 24 Oct 2016 11:16 AM

Shareholders of National Bank of Abu Dhabi and First Gulf Bank will both meet on Dec. 7 to approve the merging of the two Abu Dhabi-based banks, according to separate statements to the emirate's bourse.

The pair announced in July that their boards had approved the tie-up, which will create one of the largest banks in the Middle East and Africa with assets of around $175 billion.

Earlier this month, the Abu Dhabi-based duo announced that had finished picking the senior management team to run the combined bank.

First Gulf Bank (FGB) board member and managing director Abdulhamid M. Saeed had already been tapped to lead the new bank, with National Bank of Abu Dhabi (NBAD) chief financial officer James Burdett assuming the same role at the merged entity. Senior executives from both banks had been picked to also be part of the new management team.

Andre Sayegh, the CEO of FGB, will be deputy chief executive and will also head the corporate and investment banking business of the new bank, which will retain the NBAD brand.

NBAD's CEO at the time of the merger deal, Alex Thursby, left his role in August. The acting CEO of NBAD, Abhijit Choudhury, will become chief risk officer once the merger has completed, the sources said.

Karim Karoui, CFO of FGB, has been appointed head of strategy and subsidiaries, while Khalaf al-Dhaheri, the group chief operating officer at NBAD, has been selected as chief operating officer of the merged bank.

Arif Shaikh, chief risk and credit officer of FGB, will head the international business of the new bank, while Hana Rostamani, head of consumer banking at FGB, will be head of personal banking.

Shirish Bhide, head of wholesale and international banking at FGB, will act as chief credit officer after the merger.

FGB chairman Sheikh Tahnoon bin Zayed al-Nahayan was named as chairman designate in July.

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