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Abu Dhabi's NBAD, FGB agree to merge to create a US$175b bank
Deal is subject to shareholders' approval and will be executed via a share swap
Published Sun, Jul 3, 2016 · 09:50 PM
Dubai
THE board of directors at National Bank of Abu Dhabi PJSC (NBAD) and First Gulf Bank PJSC (FGB) have agreed to a merger that will create a lender with US$175 billion assets in the first quarter of 2017.
The deal, which is subject to shareholders' approval, will be executed via a share swap, the banks said in a joint statement to the Abu Dhabi bourse.
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