ABU DHABI 28 April 2017: The brand value of First Abu Dhabi Bank, the merged entity of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), increased to Dh14.7 billion in the first three months of 2017, up from Dh13.9 billion by the end of 2016, new financial data released by the bank for the first quarter of the year show.
Following the merger on 1st April, the newly-created banking entity’s assets increased by Dh12 billion in Q1 2017 to Dh682.4 billion compared to Dh670.5 billion by the end of 2016.
On 24th April, shareholders of NBAD approved the proposal to rename the bank to First Abu Dhabi Bank.
The newly-branded entity becomes the biggest lender in the region in terms of its assets.
By Rajive Singh