Leading Abu Dhabi lenders National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) said its boards of directors have recommended merging the two banks with the deal expected to be completed in the first quarter of 2017.
The UAE’s ministry of finance (MoF) recently launched the e-dirham card charging service through MBME for collecting fees and payment services.
MBME is a leading supplier of kiosk based payment systems in the UAE.
A potential merger between two of Abu Dhabi’s biggest banks may just be the start of consolidation in the industry.
That’s according to analysts from EFG-Hermes Holding and Emirates NBD, who say the UAE needs more tie-
National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) on Sunday confirmed they were in talks over a possible merger or a combination of the two businesses.
Reuters, citing sources aware of the matter, had reported on Thursda
National Bank of Abu Dhabi and First Gulf Bank have held preliminary discussions on a possible merger of the Abu Dhabi-based lenders, two sources with knowledge of the matter said on Thursday.
"There's a proposal to merge
The e-Dirham system, launched and managed by the Ministry of Finance (MoF) in partnership with the National Bank of Abu Dhabi, recently received the Certification of Compliance in Payment Card Industry Data Security Standard (PCI DSS).
National Bank of Abu Dhabi , the emirate's largest lender by assets, on Wednesday posted a 10.7 per cent fall in first-quarter net profit as revenues dropped and impairment charges for bad loans rose.
NBAD, almost 70 per cent
Etihad Airways has selected National Bank of Abu Dhabi (NBAD), the largest UAE lender by assets, as its Middle East Strategic partner for transactional banking services.
Under the agreement, NBAD will provide Etihad Airways with a
E-Dirham, an initiative launched by the UAE Ministry of Finance to provide an official electronic payment platform for collection of revenues and service fees of governmental and semi-governmental institutions, has reported the e-collection of
Three senior bankers have resigned from National Bank of Abu Dhabi (NBAD), the UAE's largest bank by assets, sources aware of the matter told Reuters.
Gary Dugan, chief investment officer and head of investment strategy, left