Two of Abu Dhabi’s top lenders on July 3 said their boards have agreed on a merger plan that will create a Middle East banking giant with $175 billion in assets and emerging market ambitions.
The board of directors at National Bank of Abu Dhabi and First Gulf Bank recommended merging the two lenders via a share-swap transaction, which is expected to close in the first quarter of 2017, the banks said. The proposal was first announced last month.
