National Bank of Abu Dhabi (NBAD) shareholders have approved the proposal to change the name of the UAE’s largest bank to First Abu Dhabi Bank.

The new name, which was proposed by the bank’s board of directors upon legal merger completion with First Gulf Bank on April 2, was approved by shareholders at a General Assembly Meeting held yesterday (April 24).

Abdulhamid Saeed, Group CEO, said: “Reflecting FGB and NBAD’s deep roots and experience in the region, the new name, First Abu Dhabi Bank, represents our union as one uniquely strong financial institution which will support the economic development of Abu Dhabi, the UAE and Mena region, and celebrates the proud legacies of both banks. The strong endorsement of the new name amongst our shareholders is a clear vote of support for the new journey we are now embarking on together and our vision for the future.”

The new name will take effect upon receipt of UAE Central Bank and Securities and Commodities Authority (SCA) approvals. A new brand identity will be unveiled in due course, the statement said. – TradeArabia News Service