Abu Dhabi-Mubasher: National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) confirmed that they started discussions on the possibility of a merger or a combination of the two businesses, according to a bourse filing.

“Each bank formed a working group made up of senior executive management to review the commercial potential along with any legal and structural aspects of a merger or combination,” the statement highlighted.

The groups will provide their recommendations to their respective boards once complete.