Monday, Feb 20, 2017
Dubai: The National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) on Monday posted preliminary figures on the financial position of the entity that will result from the merger of both banks.
In a statement to the Abu Dhabi bourse, the banks said the merged entity will have total assets worth Dh670.5 billion, and a net profit of Dh11.4 billion. The banks also said they have identified FGB as the acquirer in accordance with IFRS 3 accounting methods.
The merger will be effective in April 2017.
Staff Report
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