ABU DHABI, 5th April, 2017 (WAM) -- The new banking entity of the National Bank of Abu Dhabi, NBAD has announced that unification of operations and records resulting from the merger with First Gulf Bank which took effect on 2nd April, 2017, requires 18-24 months to get fully completed in the year 2019.
The announcement coincides with the bank’s call for a meeting of its General Assembly, GA, on 24th April, in order to secure the approval needed by law to change the name from National Bank of Abu Dhabi to First Abu Dhabi Bank. The name change requires a GA approval before securing the necessary sanctions of other authorities concerned, including UAE Central Bank, and the Securities and Commodities Authority.
The unification roadmap includes a standardized electronic system, phase-down plans in a way that goes in line with the ongoing developments, and an overall restructuring.
As per the latest statistics, the market value of the merger transaction hit AED 113 billion on 2nd April, with the new bank’s branches reaching 171, 125 of which located in the UAE and 46 across the world.
The newly merged bank has announced that until further notice, the clients of the two banks would retain the same existing accounts, with operating mechanisms remaining the same without interruptions.
For the time being, there are two branches providing the combined services of the two banks at one location; the first at the NBAD’s headquarters in Abu Dhabi while the second is at FGB’s branch in Dubai.
WAM / Hatem /