The National Bank of Abu Dhabi is set on merging with FGB (First Gulf Bank) to create a 175 billion dollar institution.It will be the biggest bank in the Middle East and North Africa.The combined bank will be larger than Germany's Deutsche Bank.*
Both banks are substantial holdings of the royal families of the UAE.The deal is the first big merger since Abu Dhabi made an effort to diversify away from oil and its declining value.The merger,involving a share swap,could result in a cost savings of about 30%.The mammoth transaction,resulting in the most sizeable lender in the Middle East,could spur more financial mergers and acquisitions in the region.*
Wisdom Tree Middle East Dividend Fund (GULF)
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