NBAD shareholders approve name change

National Bank of Abu Dhabi shareholders on Monday approved the board’s proposal to change the lender’s name to First Abu Dhabi Bank.

The new name was proposed by the board of directors after the Abu Dhabi-based bank legally completed the merger with First Gulf Bank on April 2.

The newly merged entity, however, will continue to trade under ticker NBAD on Abu Dhabi Securities Exchange.

The new name will take effect after approvals from UAE Central Bank and Securities and Commodities Authority (SCA).

The merged bank is the UAE’s largest bank with total assets exceeding AED 670 billion ($180 billion). Last week, the lender posted a pro-forma net profit of AED 2.93 billion for the first quarter of 2017, up 12.4 percent year-on-year.