DEAL: FGB/NBAD merger

Author: Lizzie Meager | Published: 19 Apr 2017
The merged entity will be known as First Abu Dhabi Bank
The merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) has closed, creating the second largest bank in the region. Speculation is rife that a flurry of bank mergers will follow.

The $29 billion deal gives the new entity, First Abu Dhabi Bank, a combined asset value of $175 billion and a market capitalisation of $29 billion – second only to Qatar National Bank.

“Execution on this transaction was exceptionally smooth considering the size and complexity. The shareholders were extremely supportive of the banks’ objectives and had a real depth of understanding of the issues,” said Ibrahim Mubaydeen, partner at Allen & Overy in Dubai who advised NBAD. “The transaction will make other players in the market consider their options.”

It now sits among a small number of successful mergers between financial institutions in the United Arab...


 

 

close Register today to read IFLR's global coverage

Get unlimited access to IFLR.com for 7 days*, including the latest regulatory developments in the global financial sector, updated daily.

  • Deal Analysis
  • Expert Opinion
  • Best Practice

register

*all IFLR's global coverage published in the last 3 months.

Read IFLR's global coverage whenever and wherever you want for 7 days with IFLR mobile app for iPad and iPhone

"The format of the Review has changed over the years; the high quality of its substantive content has not."
Lee C Buchheit, Cleary Gottlieb

register