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Major Abu Dhabi lenders merge to create UAE’s largest bank

April 3, 2017

Abu Dhabi, Apr 3: Two major lenders in the UAE, the First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD), have completed a merger to become the largest bank in the country under the name First Abu Dhabi Bank.

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The new bank has total assets of $180 billion and capital of nearly $3 billion, making it one of the largest banks in the Middle East as well.

Sheikh Tahnoon bin Zayed Al-Nahyan, chairman of the new bank, said: “Today marks the start of another historic chapter in the story of the UAE. Embodying the UAE’s vision for growth and prosperity, we are confident that, the First Abu Dhabi Bank will create new opportunities for our nation and support the growth ambitions of our shareholders, customers and employees, around the world.”

“This is a transformational moment for Abu Dhabi, the region and beyond and is an extension of the legacy of both banks, which spans over a period of 50 years,” Abdulhamid Saeed, group chief executive of the new bank, said in a statement.

The First Abu Dhabi Bank began trading Sunday on the Abu Dhabi Securities Exchange (ADX) under the symbol “NBAD.”

“The start of trading on the shares of the new bank should reflect positively on the overall trading on the exchange … and should attract more investors, whether local or foreign, individuals or institutional,” said ADX chief Rashed Al-Baloushi.

The plan for a merger was first announced in July.

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Agencies
July 19,2020

Kuwait City, Jul 19: Kuwaiti ruler Sheikh Sabah al-Ahmad al-Jaber al-Sabah has successfully undergone surgery early on Sunday, the emir's office said.

"His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah ... has undergone surgery this morning, with thanks to God for its success," the head of the emir's office Sheikh Ali Jarrah al-Sabah said, as quoted by state news agency KUNA.

The 91-year-old was admitted to hospital for a medical checkup.

Yesterday, a royal order was issued assigning Crown Prince Sheikh Nawaf al-Ahmed al-Sabah, the emir's designated successor, "to take over some constitutional jurisdictions of His Highness the Emir temporarily"

In August 2019, Kuwait acknowledged the emir suffered an unspecified medical "setback" that required him to be hospitalised.

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Agencies
February 5,2020

Paris, Feb 5: Saudi Arabia has reported an outbreak of the highly pathogenic H5N8 bird flu virus on a poultry farm, the World Organisation for Animal Health (OIE) said on Tuesday, February 4.

The outbreak, which occurred in the central Sudair region, killed 22,700 birds, the OIE said, citing a report from the Saudi agriculture ministry.

The other 385,300 birds in the flock were slaughtered, it said.

The case was the first outbreak of the H5N8 virus in Saudi Arabia since July 2018.

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coastaldigest.com news network
May 24,2020

Abu Dhabi: A senior Hindi teacher at Sunrise School in Abu Dhabi has died of coronavirus, it has been confirmed. Anil Kumar, 50, passed away on Sunday morning, May 24.

The sad and shocking demise of Mr Kumar, a senior Hindi teacher of Sunrise School on May 24, has left the entire Sunrise family in a pall of gloom, read a statement.

“The management, administrators, other faculty members, students and the school as a whole is struck with intense sorrow and is speechless.

“The bond that he had developed over the years, just as how we have with each faculty, makes the loss unbearable. The entire SEPS family is shaken and finds it hard to come to terms with this most saddening news.

“Anil Kumar was a very inspiring teacher. He always brought a creative aspect to the classes he handled and would make it an enjoyable class to attend to. Mr. Anil Kumar had a great way of motivating his students to do their best, and pushed them to be the best they could be. He was a great strength and support to the Department of Hindi, always willing to scaffold and mentor students and teachers. He was a very approachable man, warm and friendly at heart and that is something I will truly miss about Mr. Anil.

“Mr Anil Kumar has left behind his wife and two children. Mrs. Rajini, his wife is also a member of the school family. She is a faculty of the maths department. Our prayers and sincere condolences to each and every one of the family. May God give the strength to endure and face this most challenging phase of their life.”

It is learnt Mr Kumar fell ill with COVID-19 and had been in hospital since May 7.

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