Bank board streamlines work ahead of merger
abu dhabi — Sheikh Tahnoon bin Zayed Al Nahyan, chairman designate of the new bank that will result from the merger of First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), chaired the meeting of the board of directors of the combined entity to discuss and approve key items ahead of the legal completion of the merger in the coming weeks.
During the meeting, the board decided on the group’s corporate governance structure and finalised the nomination of board committees and delegation of authorities to ensure immediate commencement of activities following the legal completion of the merger.
The board also discussed and approved 2017’s budget during the session, followed by the review of the post-merger integration blueprint and the guidelines for the new entity’s mediumterm aspirations to ensure a seamless transition. A key focus has been placed on IT architecture and data migration, which will allow efficient systems integration post-merger.
The bank’s leadership members have been assigned, while the finalisation of other managerial positions are under way.
“We are confident that the merger process will be successful and that we have selected very capable and experienced individuals
We are on track to complete the merger and create one of the largest banks in the region in the next few weeks without any delays
Abdulhamid Saeed, CEO of combined FGB-NBAD entity
for our board who are instrumental in driving our plans forward and desired outcomes,” said Sheikh Tahnoon.
“We look towards the future with great optimism as we anticipate the significant value that the new combined bank will provide to our shareholders, and to local, regional and international stakeholders, customers and employees,” he said.
Abdulhamid Saeed, CEO of the new combined bank, said: “After obtaining all necessary regulatory approvals, we are on track to complete the merger and create one of the largest banks in the region in the next few weeks without any delays.
“As strategic priorities and operational plans of the new bank have been set and approved by the board, I am confident that we have a robust roadmap in place to help us achieve a successful integration and realise significant synergies in addition to strengthening and further growing our business,” he said.
— business@khaleejtimes.com