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Tuesday, 23 August 2016

A UAE merger play that can set precedents | GulfNews.com

A UAE merger play that can set precedents | GulfNews.com:

"A UAE merger play that can set precedents
As a statutory coming together, the NBAD-FGB deal sets the bar high
Image Credit: ©Gulf News
Published: 06:39 August 22, 2016
By Fraser Dawson, Special to Gulf News
 
In July, the boards of First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) approved the merger of FGB and NBAD, forming what will be considered the biggest bank in the Middle East and North Africa, with Dh642 billion in assets and a combined market capitalisation of approximately Dh106.9 billion. The merger remains subject to certain conditions, including approval by the Securities and Commodities Authority and approval of shareholders, and will be effected by way of statutory merger. So what exactly is a statutory merger and why is it important?"



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