Abu Dhabi Commercial Bank announced the names of the final lineup for the members of the bank’s board of directors, after the merger, to include 11 members headed by Isa Muhammad Al Suwaidi.
Among the issues that need a special resolution - and it includes the fourth item in the agenda of the General Assembly, to be held on March 21 - approval of the composition of the members of the Board of Directors Management of the bank after the merger.
The merger between Abu Dhabi Commercial Banks, the National Union and Al Hilal Bank is scheduled to enter the implementation phase on May 1, 2019, according to the timetable included in the shareholders bulletin document issued by the two banks, this week. The past.
It was also determined by the document that the date of the 20th and 21st of March is to be held, to hold the general assembly for them to ratify the decision before the start of the objection period by the creditors during the period from March 24 until April 23, 2019. < / p>
And when the merger becomes effective in the beginning of next May, the National Bank of Abu Dhabi will be dissolved, and Abu Dhabi Commercial Bank will acquire the entire issued capital of Al Hilal Bank from its only shareholder, the Abu Dhabi Investment Council.
It is worth noting that the total assets of the new entity reached approximately 423 billion dirhams (115.2 billion dollars), while the value of deposits is 285 billion dirhams, and 265 billion dirhams for loans and advances.
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