Abu Dhabi Banks Said in Talks to Form Biggest Mideast Lender - Bloomberg

Abu Dhabi Banks Said in Talks to Form Biggest Mideast Lender - Bloomberg:

"National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC are exploring a potential merger to create the largest lender in the Middle East, according to people with knowledge of the matter.
Discussions about a combination are preliminary, the people said, asking not to be identified because the talks are private. While negotiations are ongoing, NBAD and FGB may decide against pursuing a merger, said the people. NBAD and FGB both said it is not their policy to comment on speculation or rumor.
With assets of about $170 billion the potential combination would surpass Qatar National Bank SAQ as the largest bank in the region, and comes as the industry battles falling profits because of lower government spending, slower economic growth and a decline in asset quality. Both NBAD and FGB posted a drop in first-quarter net income."



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