Merged UAE bank chooses First Abu Dhabi Bank as new name

02/04/2017 Argaam

The heavyweight lender formed following the merger of First Gulf Bank and National Bank of Abu Dhabi has been named First Abu Dhabi Bank, the Abu Dhabi-listed bank said in a statement on Sunday.

 

The name is subject to regulatory approvals and will also be presented to shareholders for approval at the general assembly meeting.

 

Markets were earlier expecting the merged bank to retain the National Bank of Abu Dhabi name.

 

The new entity started trading on ADX today under the ticker symbol ‘NBAD,’ with group chief executive Abdulhamid Saeed ringing the opening bell.

 

About 5.64 billion new NBAD shares were issued, taking the outstanding NBAD shares following capital increase to 10.9 billion.

 

The new bank has total assets of above AED 670 billion, making it the largest bank in the UAE and one of the biggest in the Middle East region.

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