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New Emirati bank listed on Abu Dhabi Stock Exchange

Published: Updated:

A new Emirati bank, the First Abu Dhabi Bank, was listed on the Abu Dhabi Stock Exchange on Sunday after the merger of two UAE-based banks, its officials said.

The listing came after the National Bank of Abu Dhabi (NBAD) and the First Gulf Bank (FGB) agreed to merge last year.

With estimated assets of 670 billion dirhams (around $180 billion, 170 billion euros), the First Abu Dhabi Bank becomes the largest in the United Arab Emirates, Emirati English-language daily The National said.

It is the second largest lender in the Middle East after the Qatar National Bank, which holds assets worth $198 billion, it added.

The boards of both banks voted to merge in July 2016 to “create a bank with the financial strength, expertise, and global network to support the UAE’s economic ambitions”. The new bank is based in the oil-rich emirate of Abu Dhabi.