NBAD and FGB shares soar in Abu Dhabi after merger agreement

Shares in NBAD and FGB soared on Sunday morning after the two banking giants announced a merger agreement, sending Abu Dhabi shares to a two-month high.

The two banks this morning announced their boards had agreed to recommend a merger agreement to their shareholders, in a move that will create the largest bank in the Middle East.

NBAD shares opened 5.6 per cent higher at around Dh10.20 a piece, hitting their highest level since September, after it was confirmed the new entity would retain the NBAD name.

FGB shares were up by as much as 4.76 per cent in early trading at around Dh12.95, their highest level in two weeks.

The Abu Dhabi Securities Exchange General Index was up by as much as 1.6 per cent at the open at around 4,569.51, the index’s highest level since April.

Shares in Dubai opened up around 0.2 per cent, led by Emaar Properties and Dubai Financial Market.

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