Deputy Chairman of Abu Dhabi Executive Council hails newly merged First Abu Dhabi Bank

ABU DHABI, — The establishment of First Abu Dhabi Bank, following the legal completion of the merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), represents a huge step that will reflect positively on the national economy, said H.H. Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council.

The new bank is now the UAE’s largest bank and one of the largest in the MENA region with total assets in excess of AED 670 billion (or US$180 billion).

The merger also is a significant achievement in leadership and making a difference, he said in a statement.

The establishment of the combined bank was achieved under the leadership, and in line with the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

“The economic boom created by First Abu Dhabi Bank will further bolster our national economy and strengthen its influential global presence. The merger represents a great achievement that came as a culmination of its civilizational achievements, diversity and stability,” Sheikh Hazza said, and noted that the name of the bank was well-deserved.

The combined bank began trading on the Abu Dhabi Securities Exchange (ADX) today under ticker symbol “NBAD”.

The trading of the new shares was marked by a launch ceremony held at ADX in the presence of a number of the bank’s Board members and ADX’s senior leadership team.

Source: Emirates News Agency