UAE cbank to reduce size of EIBOR panel before NBAD-FGB merger

28/03/2017 Argaam

The central bank of the United Arab Emirates will reduce the size of the Emirates Interbank Offered Rate (EIBOR) panel from 11 to 10 banks starting Wednesday, March 29, ahead of the merger between National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB).

 

Today is the last day for EIBOR submissions by FGB, the central bank said in a statement on its website.

 

The merger between Abu Dhabi-listed lenders NBAD and FGB will take effect on April 1, with trading in shares of the new entity starting April 2.

 

The move will create the Middle East’s largest bank, with nearly AED 642 billion ($175 billion) in assets.

 

The deal will be executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they hold. Shares of FGB would be subsequently delisted from the Abu Dhabi bourse.

 

Argaam had earlier reported that the two banks would be reporting  Q2 2017 financial results as a merged entity.

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