Sheikh Mohammed bin Zayed says NBAD-FGB merger to 'create high-value opportunities'

Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has commented on the merger of Abu Dhabi banks NBAD and FGB following the decision of the boards of directors to recommend the move to shareholders.

“The continued growth of our nation’s economy relies on an empowered private sector that contributes to the UAE’s dynamic and sustainable business environment,” state news agency Wam reported him as saying.

“The merger of FGB and NBAD will create high-value opportunities for the people of the UAE and further breadth to be internationally competitive, core aims of Abu Dhabi’s Economic Vision 2030 and in keeping with the UAE’s long term economic ambition.”

The banks confirmed in a statement this morning that Abdulhamid Saeed, currently board member and managing director of FGB, would be the chief executive of the combined bank.

It also said shares of FGB would be delisted and the bank would be called National Bank of Abu Dhabi.

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