Abu Dhabi – Mubasher: The shareholders of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) gave a nod to the merger agreement between the two lenders.

The deal will result in creating the UAE's largest financial institution with total assets worth nearly AED 655 billion ($178 billion).

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

FGB will be delisted from the Abu Dhabi exchange starting from the effective date of the merger.