Abu Dhabi bank merger will create regional powerhouse

DUBAI: National Bank of Abu Dhabi PJSC is merging with rival First Gulf Bank PJSC in a deal that will create a regional powerhouse with US$175bil of assets.

While FGB shareholders will hold 52% of the combined entity -- billed as a merger of equals – the lender will operate under the National Bank of Abu Dhabi name and FGB’s shares will be de-listed, according to a statement on Sunday.