22.06.2016 - What You Need to Know About Abu Dhabi’s Plan for a Megabank
National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, the two largest banks in the oil-rich emirate of Abu Dhabi, said on Sunday that they’re in early stage merger talks. Given both NBAD and FGB’s ties to the government -- NBAD is 69 percent owned by sovereign wealth fund Abu Dhabi Investment Council -- political will is paramount to the deal’s successful conclusion. The creation of a new regional banking powerhouse would also coincide with Abu Dhabi’s ambitions to boost its status as a finance hub. A combination would create a regional powerhouse with assets of about $170 billion and a larger market valuation than Deutsche Bank AG and Credit Suisse Group AG...............................................Full Article: Source
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