First Abu Dhabi Bank is now the largest bank in the UAE


We’ve known it has been coming for a while, but the planned merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) was formally completed this week.

A statement released by NBAD said that the bank’s name would be changed to First Abu Dhabi Bank, subject to approvals from the regulatory body and following a general assembly meeting due to be held at a later stage.

The bank said that the name reflects its “the deep roots and experience in the region”.

Still, after the FGB and NBAD merger ceremony held at the Abu Dhabi Securities Exchange, the new entity began trading under the ticker NBAD.

Either way, First Abu Dhabi Bank is now the UAE’s largest bank, and one of the largest in the MENA region, with total assets in excess of AED 670 billion.

Though both FGB and NBAD remained largely silent about the merger when it was taking place, executives did say that the effect on customers of either bank would be minimal, with both parts of the bank going about business as usual.

Naturally, we’ll bring you any updates as and when they occur.

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