NBAD reports AED2bn trading since merger

Bank was top performer on Abu Dhabi stock exchange at Sunday close of session
NBAD reports AED2bn trading since merger
By Staff writer
Mon 15 May 2017 11:10 AM

A total of AED2 billion ($544 million) worth of transactions were conducted via National Bank of Abu Dhabi (NBAD)’s share since the merger of First Gulf Bank (FGB) and NBAD in April, the bank said on Monday.

With 1.3 million shares owned by foreigners, the increased trading rendered NBAD Abu Dhabi Securities Exchange’s top performer, with its share value rising by 9.8 percent from AED10.25 to AED 11.30 at the close of Sunday’s session.

The rise brings its total market value to AED122.6 billion, an increase of AED10.9 billion over its value of AED111.70 billion 30 sessions ago, the bank said in a statement carried by state news agency WAM.

NBAD foreign stockholders grew by 11.23 percent with a total of 1.3 billion shares worth AED 13 billion according to Sunday’s closing data, it added.

Non-Arab stockholders accounted for 9.21 percent amounting to one billion shares ut of the bank’s total capital of AED10.89, with the rest of the shares distributed among Arab and Gulf shareholders.

The statement said that market brokers expect foreigner ownership of NBAD’s share of the merger to increase over the coming period by virtue of foreign institutions that are running significant investment funds and seek lucrative returns following the merger process.

The merger of NBAD and FGB formally completed on 2 April, creating the Middle East’s largest banking entity under the name First Abu Dhabi Bank (FAB), with total assets in excess of AED670 billion ($180 billion) and a market capitalisation of around AED111 billion ($30 billion).

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