The merger of the two banks has been executed in the form of a share swap with FGB
shareholders receiving 1.254 NBAD shares for each FGB
Under the deal, FGB
was dissolved and its shares were delisted from the Abu Dhabi Securities Exchange on 30 March 2017.
The market regulator has approved the increase in the share capital of NBAD and the amendments to its Articles of Association, the dissolution of FGB
and the transfer of its rights and assets and liabilities to NBAD.
Huda Abdulla Mohammed, Head of the Emirati Segment in FGB
, commented: "I am delighted to launch the February Index and to be a part of this important initiative for FGB
On 7 December 2016, shareholders in FGB
and NBAD approved the merger of the two banks at separate quorate general assembly meetings held in Abu Dhabi.
The boards of directors for both NBAD and FGB
have voted unanimously to recommend to shareholders a merger of the two Abu Dhabi-listed banks.
shareholders will receive 1.254 NBAD shares for each FGB
share that they hold.
"We are proud to announce our tie-up with FGB
, allowing customers to settle cargo services in easy instalment payments using their FGB
credit cards," said LBC Vice-president for the Middle East, Mark Agalo-os.
We are proud to announce our tie-up with FGB
, allowing customers to settle cargo services in easy installment payments using their FGB
credit cards, LBC Vice President for the Middle East Mark Agalo-os said.
Moody's has aligned the (P)Prime-1 ratings on the ECP programme of FGB
, the largest lender by market capitalisation, showed a 10 per cent year-on-year growth in revenues to Dh9.24 billion for 2014.