Financial, Global Banking, Middle East, News

Abu Dhabi’s NBAD, FGB Approve to Form $175 Billion Bank

Abu Dhabi’s NBAD, FGB Approve to Form $175 Billion Bank

National Bank of Abu Dhabi PJSC is merging with First Gulf Bank PJSC in a deal that will create a bank with $175 billion worth of assets. Abu Dhabi is combining its largest banks to compete in size with rivals such as Qatar National Bank SAQ and boost its ability to lend and secure funding.

“National Bank of Abu Dhabi PJSC is merging with First Gulf Bank PJSC in a deal that will create a bank with $175 billion worth of assets.”

~Bloomberg

The combined bank will be among the largest in the Middle East and North Africa and hold about 26 percent of the U.A.E.’s outstanding loans. It will also have a presence overseas in cities including Singapore, Hong Kong, Geneva and London. The market value would be higher than Deutsche Bank.

Related Reports: Bloomberg, Wall Street Journal

 

About National Bank of Abu Dhabi PJSC

NBAD is the leading bank in the Middle East and one of the safest banks in the world. Our roots in Abu Dhabi give us a deep understanding of the dynamics of the Arab region and its connection to the world’s markets. And we aim to become the number one bank for anyone who wants to do business along the West-East Corridor.

Visit: National Bank of Abu Dhabi PJSC

 

About First Gulf Bank PJSC

FGB is a leading UAE bank with shareholder equity of AED 39.5 Billion as of December 31st 2015, making us one of the largest equity base banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, we offer a full range of financial services to businesses and consumers through an extensive network of relationship managers, web based and mobile applications as well as a call centre.

Internationally, FGB has branches in Singapore and Qatar, representative offices in Hong Kong and India, Korea and the UK, as well as a subsidiary in Libya.

Visit: First Gulf Bank PJSC


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