First Abu Dhabi Bank (FAB), created from the merger of National Bank of Abu Dhabi and FGB, unveiled its new brand identity yesterday as the lender forges ahead with integrating services and its advertising campaign to pull in new customers.
While it will take the new lender up to two years to fully integrate the operations of the banks that formed it, there are a number of services that are available to customers of both banks at either branch networks that still operate under the banners of National Bank of Abu Dhabi and FGB.
Sheikh Tahnoon bin Zayed, chairman of FAB, said that the launch of the brand “is an exciting milestone, as we establish a new identity which draws on past achievements, while symbolising our vision for the future”.
“FAB represents the genesis of a story, built upon our sturdy Abu Dhabi roots and is set to spark a movement dedicated to helping everyone we interact with, to grow stronger,” he said.
Shareholders approved the new name at a general assembly meeting held last month and it will take effect upon receiving final regulatory approvals from the Central Bank and the Securities and Commodities Authority.
The merger, which was completed at the beginning of last month, has created both the UAE’s biggest bank by assets and market value at Dh682 billion and Dh120bn respectively.
FAB’s chief executive, Abdulhamid Saeed, said that the new brand will “inspire and help our stakeholders across our global network to grow stronger and deliver top shareholder value, through personalised and market-leading financial solutions and technology that put our customers first”.
“It will also serve as a strong platform for FAB to support the prosperity of the UAE and its global network, as well as our strategic aims to grow locally and internationally, and build on our position as a financial services leader,” he said.
First Abu Dhabi Bank said on April 19 that its pro forma first-quarter profit that includes both National Bank of Abu Dhabi and FGB rose 12.4 per cent amid rising revenues and cost savings garnered from the combination.
Net profit rose to Dh2.93bn in the first three months of the year compared with Dh2.6bn a year earlier, the bank said. Net interest and Islamic financing income dropped 4.9 per cent to Dh3.2bn in the first quarter from Dh3.37bn in the same period last year.
“The physical branding of FAB and the new logo draws mainly from the FGB legacy – with less linkage to NBAD’s heritage. Which is interesting as our analysis ranks NBAD as the more powerful brand with an Index of 79 compared to FGB’s 72,” said Andrew Campbell, managing director for the Middle East at Brand Finance, which annually ranks the strength of corporate brands. “So FAB will need to combine, communicate and deliver on the strengths of both legacy brands as they seek to establish the new brand in the marketplace.”
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