|30 March, 2017

UAE's FGB bank customers can now withdraw money from NBAD's ATMs at 'no cost'

The two Abu Dhabi banks are currently in process of finalizing a merger which will create the UAE’s largest bank.

A customer uses an ATM machine near the National Bank of Abu Dhabi headquarters, April 3, 2013.

A customer uses an ATM machine near the National Bank of Abu Dhabi headquarters, April 3, 2013.

Reuters/Stringer .
30 March 2017

Abu Dhabi-based First Gulf Bank (FGB) has announced that its customers can now use National Bank of Abu Dhabi's (NBAD) automatic teller machines (ATMs) and withdraw money at “no cost”.

The two Abu Dhabi banks are currently in the process of finalising a merger which will create the UAE’s largest bank with $183 billion in assets.

“As an FGB customer, you can additionally use the NBAD ATM network to service your banking needs at no cost. Please note that, until further notice, you will retain the same existing account which was opened with FGB prior to the legal merger date,” the bank said in a statement to its customers on Wednesday.

Customers are normally charged two dirhams if they withdraw money from an ATM belonging to a bank other than the one they have an account with.

“Joining together on or around April 1, we will be combining our strengths and capabilities, expanding our resources and global reach to establish the UAE’s largest bank with $183 billion in assets,” the statement said.

The Abu Dhabi Securities Exchange stated in February that the merger is expected to be complete on April 1 and the trading of new entity’s shares will start from April 2.

Earlier this month, the board of directors of the new NBAD-FGB bank approved its 2017 budget and also reviewed the post-merger integration plan.

The UAE’s banking sector is the biggest in the Gulf, with asset values of $711 billion in 2016, WAM news agency reported, citing statistics from the UAE Central Bank statistics.

© Zawya 2017