First Abu Dhabi Bank: Still much to prove

For as long as anyone can remember, the Middle East’s banks have been ripe for consolidation, yet large mergers have been few and far between. 

Even the 2007 fusion of Emirates Bank International and National Bank of Dubai (to create ENBD) failed to trigger the expected wave of consolidations.

Now, 10 years on from the formation of ENBD, two of Abu Dhabi’s largest financial institutions, First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), are following in its footsteps.

The result of that merger is First Abu Dhabi Bank (FAB), a bank with Dh644 billion ($175 billion) in assets and a net profit of Dh8 billion, as of the end of September 2017.