Dubai: The board of directors of the new bank that will result from the merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) approved a 2017 budget for the merged entity and reviewed the post-merger integration blueprint on Monday.
FGB said the finalisation of certain managerial positions is “well underway” and that the board has placed its focus on IT architecture and data migration to allow systems integration post-merger, according to a statement. The new board did not disclose the value of the new budget.
During a meeting, the board also decided on the group’s corporate governance structure, and finalised the nomination of board committees to ensure activities can commence immediately after the legal completion of the merger. The merger will be effective at the end of the first quarter of 2017.
The board of the merged bank, which will retain the NBAD brand name, will be chaired by Shaikh Tahnoun Bin Zayed Al Nahyan, while the chief executive officer will be Abdul Hamid Saeed.
“After obtaining all necessary regulatory approvals, we are on track to complete the merger and create one of the largest banks in the region in the next few weeks without any delays,” Saeed said in the statement.
He added, “As strategic priorities and operational plans of the new bank have been set and approved by the board, I am confident that we have a robust road map in place to help us achieve a successful integration and realise significant synergies in addition to strengthening and further growing our business.”
The merger of NBAD and FGB will create the Middle East and North Africa’s largest bank, with total assets worth Dh670.5 billion.
