First Gulf Bank PJSC entered into agreement to acquire National Bank of Abu Dhabi PJSC (ADX:NBAD) from Abu Dhabi Investment Council and others in a reverse merger transaction on July 2, 2016. As part of consideration, National Bank of Abu Dhabi will exchange 1.254 new National Bank of Abu Dhabi shares for every one First Gulf Bank share. National Bank of Abu Dhabi will own 48% of the combined entity. On completion, First Gulf Bank shares will be delisted from the Abu Dhabi Securities Exchange and will be dissolved. The combined bank will retain National Bank of Abu Dhabi’s legal registrations and the brand name of “National Bank of Abu Dhabi”. The combined entity Board will include four nominated Directors of First Gulf Bank and four nominated Directors of National Bank of Abu Dhabi. Sheikh Tahnoon Bin Zayed Al Nahyan, who is currently Chairman of First Gulf Bank, is the Chairman designate. Nasser Ahmed Alsowaidi, who is currently Chairman of National Bank of Abu Dhabi, is the Vice Chairman designate. Abdulhamid M. Saeed, a Board member and Managing Director at First Gulf Bank has been named Chief Executive designate for the combined entity, with National Bank of Abu Dhabi Chief Financial Officer James Burdett to assume the same role. A new Board and management will take over once the merger has been completed, while the existing Chief Executive Officer's - Alex Thursby of National Bank of Abu Dhabi and Andre Sayegh of First Gulf Bank- will continue to run the independent banks until then. Andre Sayegh, Chief Executive Officer of First Gulf Bank will be group deputy Chief Executive Officer and the acting head of corporate and investment banking after the merger. Hana Al Rostamani, who oversees personal banking at First Gulf Bank, will also have the same role. Abdulhamid Saeed, a Managing Director at First Gulf Bank and James Burdett, Chief Financial Officer of NBAD, are to operate as Chief Executive Officers of the combined unit. The deal is subject to regulatory approval, dissolution of First Gulf Bank, approval of the Boards of National Bank of Abu Dhabi and First Gulf Bank and the approval of the merger by at least 75% of the shares represented at quorate general assembly meetings of National Bank of Abu Dhabi and First Gulf Bank. The Board of National Bank of Abu Dhabi and First Gulf Bank has voted unanimously to recommend the merger to their shareholders. The shareholders of First Gulf Bank have approved the transaction on October 24, 2016. The shareholders of National Bank of Abu Dhabi PJSC have approved the transaction. The merger has been approved by the Central Bank of the UAE, and requires further approval from international regulators and the Securities and Commodities Authority (SCA) before it becomes effective, which is expected to occur towards the end of the first quarter of 2017. As on February 13, 2017, the transaction is expected to be completed by April 1, 2017. The merger is expected to deliver cost synergies of approximately AED 500 million annually. As of March 23, 2017, the Securities and Commodities Authority approved the transaction. The shares will of First Gulf and NBAD will trade independently till March 30, 2017. Credit Suisse (Hong Kong) Limited acted as financial advisor, Ibrahim Mubaydeen and Nicholas Stuart of Allen & Overy LLP acted as legal advisor for National Bank of Abu Dhabi. UBS AG, London Branch acted as financial advisor and Pervez Akhtar, Stuart Grider, Michael Raffanand Michael Hilton of Freshfields Bruckhaus Deringer LLP acted as legal advisor for First Gulf Bank. Will Anderson of Brunswick Group is acting as strategic communications advisor to National Bank of Abu Dhabi and First Gulf Bank. Deloitte Corporate Finance Limited acted as accountant to First Gulf Bank while KPMG Lower Gulf Limited acted as accountant to National Bank of Abu Dhabi. Jennifer Cain and Hiba Haddad from Weber Shandwick MENA served as the public relations contacts on the deal. Devidas Banerji, Ahana Sinha and Juhi Bhat of Khaitan & Co acted as legal advisor to First Gulf Bank. First Gulf Bank PJSC completed the acquisition of National Bank of Abu Dhabi PJSC (ADX:NBAD) from Abu Dhabi Investment Council and others in a reverse merger transaction on March 30, 2017. The Cooperation Council for the Arab States of the Gulf, H.H. Sheikh Tahnoon Bin Zayed Al Nahyan and other shareholders in a merger of equals on March 30, 2017. As a result of the merger, the combined bank will be named First Abu Dhabi Bank and has begun trading on the Abu Dhabi Securities Exchange under ticker symbol NBAD.