World Economy

Proposal to Merge UAE Banks

Proposal to Merge UAE BanksProposal to Merge UAE Banks

The boards of directors at National Bank of Abu Dhabi and First Gulf Bank have recommended merging the two lenders, a joint statement said on Sunday, with the deal expected to be completed in the first quarter of 2017, Reuters reported. Last week, the government ordered the merger of state investment funds Mubadala and International Petroleum Investment Company. Retaining the brand name National Bank of Abu Dhabi, the merger will create one of the largest banks in the Middle East and Africa, with assets of 642 billion dirhams ($174.8 billion).