Firms act on FGB and NBAD merger

Allen & Overy and Freshfields Bruckhaus Deringer have advised on the creation of the largest bank in the Middle East and North Africa region.

The bank will be created following the merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) with combined assets of approximately USD175bn.

Freshfields advised First Gulf Bank on the merger, with a team led by MENA regional managing partner Pervez Akhtar and Abu-Dhabi-based partner Michael Hilton. London partner Stuart Grider provided securities advice, while international regulatory partner Michael Raffan also supported the team from the City. A&O worked with National Bank of Abu Dhabi.

Following the merger, the bank will retain the name of National Bank of Abu Dhabi and operate a network of branches spanning 19 countries.

Each entity will continue to operate independently until the merger completes early next year, with shares of First Gulf Bank due to be delisted once the tie-up goes through.