Abu Dhabi Approves Bank Merger To Create $175 Billion Heavyweight
July 4, 2016
The boards of two of Abu Dhabi’s biggest lenders agreed for the two banks to merge, a move that will create one of the region’s biggest banks, with assets of about $175 billion. The merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) will operate under the latter’s brand name, and will have a combined market cap of over $29 billion, the two banks announced Sunday.