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DUBAI / WAM
The Securities and Commodities Authority (SCA) issued a certificate completing the merger of the First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD).
The SCA has set March 30 as the last date for trading the respective shares of the two banks ahead of starting trading of new shares on Abu Dhabi Securities Exchange (ADX) on April 2.
The merger will lead to the creation of the largest banking entity in the Middle East and encourage more mergers between entities operating in similar sectors, including the banking sector in the UAE. The ADX has completed the procedures for the unification of the records of the stakeholders in both banks. The indicative market price of the new shares will be calculated based on the last traded price of the shares of both banks in the market before the merger on Thursday, March 30.