The National Bank of Abu Dhabi (NBAD) said its board of directors will meet on Tuesday to review the bank's results for the last quarter of 2016.
The bank, which is set to merge with its rival FGB during the first quarter of this year, will also review a dividend distribution proposal and approve the establishment of new debt programs and amend existing debt plans.
The meeting may be one of the last for the bank in its current form before joining forces with FGB. 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.
mkassem@thenational.ae
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