ABU DHABI 3 April 2017: Following the completion of the merger between First Gulf Bank (FGB), and National Bank of Abu Dhabi (NBAD), on 1st April 2017, the combined bank began trading on the Abu Dhabi Securities Exchange, ADX, yesterday under ticker symbol ‘NBAD’.
The new bank’s board of directors has announced that the combined bank will be named ‘First Abu Dhabi Bank’, after attaining regulatory approvals and following the General Assembly Meeting that will be held at a later stage to approve the name.
The new bank is now not only the UAE’s largest bank but also one of the largest in the Mena region with total assets in excess of Dh670 billion, or US$180 billion.
The trading of the new shares was marked by a launch ceremony held at ADX, where Group CEO, Abdulhamid Saeed, rang the opening bell. The event was attended by a number of the bank’s board members and ADX’s senior leadership team.
“As these two successful Abu Dhabi institutions unite to form one stronger and combined bank, today marks the start of another historic chapter in the story of the UAE. Embodying the UAE’s vision for growth and prosperity, we are confident that, First Abu Dhabi Bank will create new opportunities for our nation and support the growth ambitions of our shareholders, customers and employees, around the world,” said Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of the new bank.
“This is a transformational moment for Abu Dhabi, the region and beyond and is an extension of the legacy of both banks, which spans over a period of 50 years. 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,” said Abdulhamid Saeed.
According to the Group CEO, the bank has capital of Dh10.9 billion, total assets in excess of Dh670 billion, shareholders’ equity of Dh98 billion and a market capitalisation of around Dh111 billion.
“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. The ringing of this bell today signals the start of a new journey to grow stronger, for our nation, our customers, our employees and our communities,” Saeed added.
– By Rajive Singh