NBAD, FGB shareholders to meet in Dec for bank merger approval

The banks announced in July that their boards had approved the tie-up



Shareholders of National Bank of Abu Dhabi and First Gulf Bank will both meet on December 7 to approve the merging of the two Abu Dhabi-based banks, according to separate statements to the emirate’s bourse.

The pair announced in July that their boards had approved the tie-up, which will create one of the largest banks in the Middle East and Africa with assets of around $175bn.

Also read: NBAD, FGB merger could lead to 30% cost savings

Earlier this month, the banks said they had finished picking the senior management team to run the combined bank.

FGB board member and managing director Abdulhamid M. Saeed had already been tapped to lead the new bank, with NBAD chief financial officer James Burdett assuming the same role at the merged entity.

The remaining appointments will be formally announced ahead of the completion of the merger, expected during the first quarter of 2017, a statement from FGB said.

FGB chairman Sheikh Tahnoon bin Zayed al-Nahyan was named as chairman designate in July.

Read more: UAE banks NBAD, FGB finalise executive team for merged lender