The merger between NBAD and FGB is moving ahead. Reem Mohammed / The National
The merger between NBAD and FGB is moving ahead. Reem Mohammed / The National

NBAD and FGB merger progresses as boards of directors vote in favour



National Bank of Abu Dhabi and FGB said their boards have unanimously voted to recommend to their shareholders a merger of the two Abu Dhabi listed banks in what would create a lender with $175 billion in assets, the largest in the Middle East.

The banks are proposing that the deal be done through a share swap in which FGB shareholders will receive 1.254 NBAD shares for each FGB share, the banks said in a statement. That gives FGB shareholders a 3.9 per cent discount based on the closing share prices on June 30, it said. Shareholders however would first need to give the proposal the green light before it goes through.

Under the proposed terms, FGB shareholders would own about 52 per cent of the combined bank and NBAD shareholders the balance. It would leave the Government of Abu Dhabi and related entities with a 37 per cent interest in the bank. Shares of FGB would be delisted and the bank would be called National Bank of Abu Dhabi.

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Sheikh Mohammed bin Zayed comments on the merger. Read here

NBAD and FGB shares soar after merger agreement. Read here

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Abdulhamid Saeed, currently board member and managing director of FGB, would be the chief executive for the combined bank.

“Now, more than ever, the UAE will benefit from a strong, financial partner with the capacity to meet new challenges, drive domestic growth, and support the country’s ever-greater connections to the global economy,” said Nasser Ahmed Alsowaidi, chairman of NBAD.

“Expansion across fast growing emerging markets presents a vast business opportunity for our customers and for us, as a larger, stronger, combined 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.”

mkassem@thenational.ae ​

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Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

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Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Despacito's dominance in numbers

Released: 2017

Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon

Views: 5.3 billion on YouTube

Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.

Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards

About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

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Directed by: Sam Levinson

Starring: John David Washington and Zendaya

Three stars

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
RESULTS
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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

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Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

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MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

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Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

GOLF’S RAHMBO

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