Dubai: The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) announced on Sunday they have merged to become First Abu Dhabi Bank.
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.
“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 CEO said.