NBAD shareholders approve name change post merger

25/04/2017 05:50 AST

Shareholders of the National Bank of Abu Dhabi on Monday approved a proposal by the bank to change its name to First Abu Dhabi Bank.

The approval comes three weeks after the bank merged with Abu Dhabi’s First Gulf Bank (FGB).

The new name was proposed by the bank’s board of directors after the legal completion on April 2. The bank is still, however, listed on the Abu Dhabi bourse under the ticker name NBAD.

The merged entity has around Dh682 billion in total assets, making it the largest bank in the UAE by assets, and one of the largest in the Middle East and North Africa. A pro-forma financial statement of the merged entity showed it recorded Dh2.9 billion in net profit for the first quarter of 2017, up 12.4 per cent year-on-year.

In a statement on Monday, the bank said the name will take effect upon receipt of approvals from the Central Bank of the UAE and the Securities and Commodities Authority. The bank said it plans to unveil a new brand identity “in due course.”


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