Abu Dhabi banks merger to create $175b heavyweight rivaling Qatar National Bank

Abu Dhabi banks merger to create $175b heavyweight rivaling Qatar National Bank

A view of a branch of the National Bank of Abu Dhabi (NBAD) along Khalid Bin Al-Waleed Road in Dubai, UAE, February 3, 2010. REUTERS/Mosab Omar/File Photo

National Bank of Abu Dhabi and First Gulf Bank won board approval on Sunday for a merger to create a banking heavyweight with $175 billion in assets, part of the emirate’s plan to revamp its economy hit by lower oil prices.

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