Abu Dhabi lenders merge to create UAE’s biggest bank

Bloomberg

First Gulf Bank PJSC and National Bank of Abu Dhabi PJSC completed a merger to create the United Arab Emirates’ biggest bank with assets of $180 billion, with the new entity to be called First Abu Dhabi Bank. The lender began trading on the Abu Dhabi Securities Exchange on Sunday under the ticker NBAD, with shares up 1.5 percent to 10.40 dirhams at 12:15 p.m. Nearly 2 million shares had changed hands by then, according to Bloomberg data.
“This is a transformational moment for Abu Dhabi, the region and beyond,” Abdulhamid Saeed, group chief executive officer of the new combined bank, said in an e-mailed statement on Sunday.
The new bank’s key priorities have been established in line with the vision and growth ambitions of Abu Dhabi and the UAE, it said.