July 3, 2016 / 5:20 AM / 3 years ago

Boards of Abu Dhabi lenders NBAD, FGB recommend merger

DUBAI, July 3 (Reuters) - The boards of directors at National Bank of Abu Dhabi and First Gulf Bank have recommended merging the two lenders, a joint statement said on Sunday, with the deal expected to be completed in the first quarter of 2017.

The merger will be completed via a share swap agreement which would result in shareholders of FGB receiving 1.254 new NBAD shares for every one FGB share they currently hold.

Abdulhamid M. Saeed, a board member and managing director at FGB, has been named chief executive designate for the combined lender, with FGB chairman Sheikh Tahnoon bin Zayed al-Nahayan named as chairman designate.

Reporting by David French; Editing by Andrew Torchia

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