The National Bank of Abu Dhabi (NBAD) has revealed its intentions to merge with First Gulf Bank (FGB) creating the largest bank in the UAE region.
The resulting bank will hold $175 billion worth of assets and hold a presence in 19 overseas markets once the merger becomes effective in Q1 2017.
In a statement from Alex Thursby, Group Chief Executive Officer of NBAD, he said it was hoped that the combined size, diversity and technology of the new group will be advantageous in the increased regulatory environment, along with demands for digitalisation and demand for personalised services.
Current FGB chairman H.H. Sheikh Tahnoon Bin Zayed Al Nahyan is chairman designate of the merged group while Mr. Abdulhamid M. Saeed, who is currently board member and managing director of FGB, is the CEO designate for the new NBAD.
Both banks will continue to operate separately until the merger is completed.
Middle East banks in $175 billion merger
The merger will create the largest bank in the UAE region.