Abu Dhabi – Mubasher: National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) will meet with the Securities and Commodities Authority (SCA) in the coming two months for final approval of the merger and timetable, according to a statement.

The two banks’ total assets rose to AED 665.8 billion at the end of 2016 before the execution of a planned merger during the first quarter of 2016.

In early December, the shareholders of FGB and NBAD gave a nod to the merger agreement, which would result in the establishment of a banking entity in the Middle East.

FGB shareholders will hold a 52% stake in the new entity, while NBAD shareholders will hold a 48% stake.