Abu Dhabi - Mubasher: Bain and Company was appointed to advise on National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) for their merger into a $175 billion regional powerhouse.

The merger of both banks is set to be completed in the first quarter of 2017, sources told Bloomberg.

In June, Abu Dhabi said it planned to merge its International Petroleum Investment Company (IPIC) and Mubadala Development Co, and Bain and Company was chosen to advise on the merger of such state-owned investment companies, Reuters reported.