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The boards of directors at National Bank of Abu Dhabi and First Gulf Bank have recommended merging the two lenders, a joint statement said on Sunday, with the deal expected to be completed in the first quarter of 2017.
The merger will be completed via a share swap agreement which would result in shareholders of FGB receiving 1.254 new NBAD shares for every one FGB share they currently hold.
Abdulhamid M. Saeed, a board member and managing director at FGB, has been named chief executive designate for the combined lender, with FGB chairman Sheikh Tahnoon bin Zayed al-Nahayan named as chairman designate.
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