FINANCIAL NEWS

Abu Dhabi PJSC to create UAE’s biggest bank with USD180bn assets

03 Apr 2017

(MENAFN) First Gulf Bank PJSC and National Bank of Abu Dhabi PJSC finished a merger to make the UAE’s biggest bank with assets of USD180bn, with the new entity to be called First Abu Dhabi Bank.

Recently, the lender started trading with shares up 1.5 percent to 10.40 dirhams, while almost 2mn shares changed hands, which is a transformational moment for Abu Dhabi.

Additionally, the country, holder of 6 percent of the globe’s oil reserves, joined its two largest banks to compete with rivals and bolster its ability to lend and secure funding.

Moreover, the new bank will be the second-largest in the six-nation GCC after Qatar National Bank SAQ with a presence amid 19 nations with a market value of USD31bn.

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