Abu Dhabi records largest bank merger since 2008

• Two of Abu Dhabi's top lenders have agreed on a merger plan that will create a Middle East banking giant with $175B in assets.
• The boards of National Bank of Abu Dhabi and First Gulf Bank recommended joining the two lenders via a share-swap transaction, which is expected to close in the first quarter of 2017.
• Combined, the new entity will have a market value of about $29B, marking the biggest banking merger since the 2008 financial crisis.
• ETFs: UAE