Abu Dhabi merger to create $175bn banking heavyweight

The new National Bank of Abu Dhabi will become one of the Middle East and Africa’s biggest banks when tie-up is completed

The Gulf’s oil-rich countries have take steps to diversify their economies after two years of lower oil prices
The Gulf’s oil-rich countries have take steps to diversify their economies after two years of lower oil prices

The merger of National Bank of Abu Dhabi and First Gulf Bank has won board approval, creating a banking heavyweight with $175 billion in assets, part of the emirate's plan to revamp its economy hit by low oil prices.

The newly-branded National Bank of Abu Dhabi will become one of the Middle East and Africa's biggest banks when the tie-up is completed in the first quarter of next year.The tie-up comes as the Gulf's oil-rich countries take steps to diversify their economies after two years of lower oil prices.

With a combined market value of $29.1 billion as of June 30th, the new Abu Dhabi bank will overtake the likes of Britain's Standard Chartered and Royal Bank of Scotland, and France's Credit Agricole. – (Reuters)

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