Freshfields Bruckhaus Deringer has advised Abu Dhabi-based First Gulf Bank on its proposed merger with National Bank of Abu Dhabi (NBAD), part of the emirate's plan to revamp its economy hit by lower oil prices. NBAD was represented by Allen & Overy.
The new entity, which will keep the name of National Bank of Abu Dhabi, will become one of the Middle East and Africa's biggest banks when the tie-up is completed in the first quarter of 2017, rivaling Qatar National Bank, which has recently purchased Turkey's Finansbank.
It will have $175 billion in assets, and is expected to overtake the likes of Britain's Standard Chartered and Royal Bank of Scotland and France's Credit Agricole.
The Freshfields team that advised FGB was led by corporate partners Pervez Akhtar and Michael Hilton. Partners Stuart Grider and Michael Raffan advised on securities and international regulatory matters, respectively.
