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Mega bank merger to happen in coming weeks

/By Arabian Post Staff/ The board of directors of the mega bank being created by the merger of FGB and the National Bank of Abu Dhabi (NBAD) has met to approve key items ahead of the legal completion of the merger in the coming weeks.

During the meeting, the Board decided on the Group’s corporate governance structure and finalised the nomination of Board committees and delegation of authorities to ensure immediate commencement of activities following the legal completion of the merger. 2017’s budget was also discussed and approved during the session, followed by the review of the post-merger integration blueprint, and the guidelines for the new entity’s medium-term aspirations to ensure a seamless transition.

A key focus has been placed on IT architecture and data migration, which will allow efficient systems integration post-merger. The bank’s leadership members have been assigned, whilst the finalisation of other managerial positions are well underway, ensuring that the best individuals possessing extensive expertise in the sector are being selected, to push forward the new bank’s plans and growth objectives.

Commenting on the progress of the merger,  Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman Designate of the new bank said: “We are confident that the merger process will be successful and that we have selected very capable and experienced individuals for our Board who are instrumental in driving our plans forward and desired outcomes. We look towards the future with great optimism as we anticipate the significant value that the new combined bank will provide to our shareholders, and to local, regional and international stakeholders, customers and employees.”

Abdulhamid Saeed, CEO of the new combined bank, said: “We are pleased to report that we have made great strides in the merger process.  After obtaining all necessary regulatory approvals, we are on track to complete the merger and create one of the largest banks in the region, in the next few weeks without any delays.  As strategic priorities and operational plans of the new bank have been set and approved by the Board, I am confident that we have a robust roadmap in place to help us achieve a successful integration and realise significant synergies in addition to strengthening and further growing our business.”

Abdhulhamid added: “Both FGB and NBAD have been working hard over the past few months to ensure a seamless and smooth transition into the new combined entity, which will serve as a key supporter of the UAE’s and Abu Dhabi’s ambitious growth plans. As our entities are joining forces to create the country’s strongest bank, we will continue to expand our activities and to grow together with our nation.”