What You Need to Know About Abu Dhabi’s Plan for a Megabank: Q&A - Bloomberg:
"National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC, the two largest banks in the oil-rich emirate of Abu Dhabi, said on Sunday that they’re in early stage merger talks. A combination would create a regional powerhouse with assets of about $170 billion and a larger market valuation than Deutsche Bank AG and Credit Suisse Group AG.
What’s happened so far?
Bloomberg News was first to report on Thursday that the banks were considering a potential merger. On Sunday, in a brief statement to the Abu Dhabi stock exchange, the lenders said they’d formed working groups composed of senior executives to explore a potential combination. NBAD surged by the maximum daily limit on Sunday on speculation that the deal would effectively be a takeover of NBAD by FGB. Other bank stocks rallied."
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