The merger of Abu Dhabi’s two biggest banks is on track to complete by April 1.
The boards of National Bank of Abu Dhabi and FGB, its closest competitor in the emirate of Abu Dhabi, have met to finalize the details of the combination.
“We are pleased to report that we have made great strides in the merger process,” said Abdulhamid Saeed, the chief executive of the combined bank. “After obtaining all necessary regulatory approvals we are on track to complete the merger and create one of the largest banks in the region in the next few weeks without any delays.”
NBAD and FGB will officially merge on April 1 and shares of the new entity will begin trading in Abu Dhabi the next day. The merger, which was approved by both banks’ shareholders on December 7, was done in part to cut down on costs by removing duplicate posts and sharing resources.
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