NBAD and
FGB's business models are complementary, and Fitch will assess the extent to which the strategy of the new bank and management team materially alter targeted businesses and customer segments.
NBAD, as the surviving corporate entity and the legal successor of
FGB, has automatically assumed all assets and liabilities of
FGB with effect from the Effective Date.
New NBAD ordinary shares of 5,643,000,000 have been issued to those shareholders of
FGB who appeared on the share register of
FGB immediately before the Effective Date.
The
FGB Wealth Sentiment Index, the first-of-its-kind for the UAE and MENA region, was launched in partnership with research agency, IPSOS, and insurance provider, Generali, in January 2017, and established to measure the prevailing mood of affluent investors in the UAE market, from a personal and business point of view.
Following approval from each bank's shareholders to proceed with the creation of the UAE's largest bank, a 30-day creditor objection period was triggered by
FGB and NBAD on 12 December 2016, concluding on 11 January 2017.
The proposed transaction will be structured as a merger of equals and will be executed through a share swap, with
FGB shareholders receiving 1.254 NBAD shares for each
FGB share they hold.
Following the issue of the new NBAD shares,
FGB shareholders will own approximately 52 percent of the combined bank and NBAD shareholders will own approximately 48 percent.
Girish Advani, head of Personal Banking,
FGB, said: "As part of
FGB's commitment to provide the best innovative products and services to our customers, it is a privilege to collaborate with LBC Express to offer an accessible payment scheme for cargo services for all UAE residents," said
FGB Head of Personal Banking Girish Advani.
FGB credit-card customers can now redeem their earned reward points against LBC discount vouchers as part of the
FGB Rewards program.
with
FGB's Prime-1 short-term foreign-currency bank deposit rating.
Abdulhamid Saeed,
FGB's managing director, said: "Despite rising market volatility caused by falling oil prices,
FGB shares continued to outperform major indices and benchmarks."
FGB's board of directors recommended the distribution of a cash dividend of 100 per cent and 15.38 per cent bonus shares for the financial year ended December 31, 2014.
In his new role within
FGB's wholesale banking group, Aissaoui will oversee the expansion of the bank's advisory activities for clients, in support of plans to further strengthen its position both regionally and globally, a statement said.
