Last month, First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) revealed they had entered discussions over a possible merger and had formed a working group to review the decision.

The proposed merger is set to create the largest bank in the Middle East and north Africa region with total assets of £131bn and would have an international network of branches spanning 19 countries, including the UK.

The combined bank would keep NBAD’s name and legal registrations with the board including four nominated directors of NBAD.

“The new, well-balanced bank will be an engine of UAE growth, driving further investment and economic diversification, and advancing the ambitions of entrepreneurs and the people they employ,” stated His Highness Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FGB.

“The bank will have the strength and expertise to support the development of the UAE’s private sector, from SMEs to large companies gathering strength to expand beyond their national borders.”

His Excellency Nasser Ahmed Alsowaidi, Chairman of NBAD, said expansion across emerging markets presented a vast business opportunity as well as a stronger bank.

“We will have the capital, expertise and international networks to be the preferred financial partner for anyone doing business along the West-East corridor.

“And, we will act as the primary link for businesses and governments that want to access regional and global capital markets.”

Mr Abdulhamid M Saeed, Chief Executive Officer Designate, added: “They are highly complementary businesses, each with strong and experienced leadership teams.

“The new bank will draw on these strengths to provide excellent service to our customers and take advantage of the opportunities we see in our home market and internationally.”

The merger is still subject to a number of conditions, including an approval of the merger by at least 75% by value of the shares represented at quorate general assembly meetings of FGB and NBAD, as well as regulatory approval.