First Gulf Bank’s board of directors will meet on Tuesday to approve the lender’s financial results for 2016.
In a statement to the ADX, FGB said that the meeting would also include setting a date for its annual general assembly of shareholders.
The bank is set to merge with its rival National Bank of Abu Dhabi (NBAD) during the first quarter of this year.
NBAD on Wednesday said its board of directors will meet on Tuesday to review the bank’s results for the last quarter of 2016. NBAD’s board will also review a dividend distribution proposal and approve the establishment of new debt programmes and amend existing debt plans.
Tuesday’s board meetings may be the last for the lenders in their current forms before they join forces. The merger, which was approved by shareholders of both banks on December 7, was done in part to cut down on costs by removing duplicate posts and sharing resources. The new entity will retain the name National Bank of Abu Dhabi.
The combination has also been approved by the Central Bank of the UAE but requires further approval from international regulators and the Securities and Commodities Authority.
These are expected towards the end of the first quarter of this year, the banks said last month.
The move is expected to produce cost savings of about Dh500 million a year from 2019, according to research from the Egyptian investment bank EFG-Hermes.
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