Awards for Excellence 2019
In the complex world of banking mergers, how does one ever know that the gain was worth the pain of merging? Rising revenues, lower costs, better market share, product range, or staff that work together regardless of their original affiliation?
Whatever weight you give to each of these metrics, First Abu Dhabi Bank (FAB) has delivered on all counts. The Emirati bank, born in 2017 through the combination of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), has set the template for a successful bank merger in the Middle East, creating an institution greater than the sum of its parts.
“It proved to be correct, from a revenue angle, from a costumer perspective, from an expense angle as well,” says André Sayegh, FGB’s former chief executive and now FAB’s deputy chief executive. “The two banks as one became more efficient.”
It had been a decade since two financial institutions in the region had decided to join forces in this way. Few would have bet on NBAD and FGB ending the dry spell.