NBAD + FGB = First Abu Dhabi Bank

The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) announced they have merged to become First Abu Dhabi Bank, reported Gulnews. In a joint statement, the banks said their merger was legally completed on April 1, and the merged bank began trading on the Abu Dhabi Securities Exchange under the ticker symbol NBAD.

The trading of new shares was marked by a launch ceremony held at the Abu Dhabi bourse where the bank’s group chief executive officer, Abdulhamid Saeed, rang the opening bell. Share prices of the merged entity were up around 1.5 per cent at the end of trading on Sunday to reach Dh10.4. The new bank is now the UAE’s largest bank, and one of the largest in the Middle East and North Africa, with total assets worth over Dh670 billion.