First Abu Dhabi Bank
| File:First Abu Dhabi Bank logo.svg | |
| Company type | Public |
|---|---|
| ADX: NBAD | |
| Industry | Banking |
| Founded | 2017 |
| Headquarters | Abu Dhabi, United Arab Emirates |
Key people | Abdulhamid Saeed, Group (CEO) |
| Website | www |
First Abu Dhabi Bank (FAB) (Arabic: بنك أبوظبي الأول) is the largest bank in the United Arab Emirates. It was formed as a merger involving First Gulf Bank and National Bank of Abu Dhabi.
History
First Gulf Bank and National Bank of Abu Dhabi announced on July 3, 2016, that their boards of directors had voted unanimously to recommend to shareholders a merger of the two banks. The transaction was approved by the respective shareholders of the two banks on December 7, 2016.
The transaction was executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they held.[1]
Board of directors
The combined bank’s board includes four nominated directors of the former FGB and four nominated directors of the former NBAD.[1]
- Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman, former chairman of FGB
- Nasser Ahmed Alsowaidi, Vice-Chairman, former chairman of NBAD
- Abdulhamid Saeed, Chief Executive Officer, former board member and managing director of FGB
References
- ^ a b "Shareholders of NBAD, FGB approve merger". gulfnews.com. Retrieved 2016-12-07.