First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) have completed their merger to create the largest bank in the UAE with AED670bn ($180bn) in assets.
The combined entity will be known as First Abu Dhabi Bank, and will operate across 19 countries. The bank will be led by Abdulhamid Saeed as CEO.
Commenting on the combined group, Saeed said: “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. The bank has Capital of AED 10.9 billion, Total Assets in excess of AED 670 billion, Shareholders’ Equity of AED 98 billion and a Market Capitilisation of around AED 111 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 merger received the go-ahead from the boards of the two banks in July 2016.
“Our exceptionally strong consumer franchise has the scale and expertise to establish “First Abu Dhabi Bank”, as the dominant banking player in the UAE, providing the most extensive range of innovative products, services and technology in the region which will enable us to lead in digitalisation and customised banking experiences. We are also focused on becoming the regional wealth advisor of choice for our customers,” Saeed added.