Comment on 2 Abu Dhabi banks to merge into largest Gulf Arab bank

2 Abu Dhabi banks to merge into largest Gulf Arab bank

DUBAI, United Arab Emirates (AP) — Stockholders at two Abu Dhabi banks approved a plan Wednesday to merge the firms into the biggest bank of all Gulf Arab countries with assets of $178 billion amid a regional economic slump. "The overwhelming vote of support from FGB and NBAD shareholders to approve this historic merger is a clear testament to the compelling rationale and value proposition for creating a bank with the financial strength, scale and expertise to deliver benefits for our customers, our shareholders and for the wider UAE economy," Sheikh Tahnoon said in a statement. NBAD's pro-forma credit profile will benefit from greater business diversification, stronger profitability and capital metrics, while FGB's depositors and senior creditors will be transferred to NBAD, a larger and fundamentally stronger entity. In June, Abu Dhabi's crown prince, Sheikh Mohammed bin Zayed Al Nahyan, ordered sovereign wealth funds Mubadala Development Co.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News