Major Abu Dhabi Lenders Merge, Create UAE’s Largest Bank
Two major lenders in the United Arab Emirates, the First Gulf Bank and the National Bank of Abu Dhabi, have completed a merger to become the largest bank in the country under the name First Abu Dhabi Bank.
The new bank has total assets of $180-B and capital of nearly $3-B, making it also one of the largest banks in the Middle East. The First Abu Dhabi Bank began trading Sunday on the Abu Dhabi Securities Exchange under the symbol “NBAD.”
The plan for a merger was 1st announced in July.
The merger takes place as Abu Dhabi, the seat of the UAE’s federal government and home to more than 90% of the country’s Crude Oil reserves.
The stock of First Abu Dhabi Bank (NBAD), the combined entity of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), rose in its first day of trading.
The stock rose 0.98% to AED 10.35 by 1:25pm GMT, with a turnover of AED 30.89-M generated from the exchange of 2.97-M/shares through 206 transactions.
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