Date set for launch of UAE’s new $181bn mega bank

The merger of the National Bank of Abu Dhabi and First Gulf Bank will be official from April 1, with shares in the new company trading from the next day, it was announced on Monday.

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The merger of the National Bank of Abu Dhabi and First Gulf Bank will be official from April 1, with shares in the new company trading from the next day, it was announced on Monday.

The Abu Dhabi Securities Exchange said that it had completed the procedures for the unification of the records of the stakeholders in both banks, state news agency WAM reported.

The indicative market price of the new shares will be calculated based on the last traded price of the shares of both banks in the market before the merger, it added.

The shareholders of the two banks endorsed the merger during the General Assembly, which was held in December. More info

By Staff  arabianbusiness.com

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