NBAD, with a market value of about $11.3 billion, is 69 percent owned by sovereign wealth fund Abu Dhabi Investment Council.
REUTERS/Jumana El Heloueh
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National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC are exploring a potential merger to create the largest lender in the Middle East, according to people with knowledge of the matter.While negotiations are ongoing, NBAD and FGB may decide against pursuing a merger, the people said.Both NBAD and FGB posted a drop in first-quarter net income.The UAE is home to about 9 million people and has about 50 banks, including the local units of Citigroup Inc., HSBC Holdings PLC and Standard Chartered PLC.
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