Moody's Investors Service has affirmed the deposit ratings of National Bank of Abu Dhabi (NBAD) at Aa3/P-1 and those of First Gulf Bank (FGB) at A2/P-1.
At the same time, Moody's has also affirmed their baseline credit assessment (BCA) at a3 and baa2, respectively.
In addition, the outlook on FGB's long-term ratings was changed to positive from stable.
The outlook on NBAD’s long-term ratings remains negative, in line with the negative outlook assigned to the government of Abu Dhabi.
The latest rating action follows the official public announcement on July 3 that the banks have entered into a merger agreement.
The merger remains subject to regulatory and shareholder approval and is expected to complete by Q1, 2017.
Upon completion, NBAD will remain and acquire all of FGB's liabilities and assets in exchange for new NBAD shares issued to FGB's shareholders.
NBAD's a3 BCA affirmation reflects Moody's view that this merger upon completion will deliver high quality retail diversification to the bank's wholesale-focused loan book, improve core profitability, improve the capital base, reduce both loan and deposit concentrations, and create the largest bank in the GCC by asset (approximately around $ 170 billion assets), which should support further organic expansion of the business.
FGB's baa2 BCA affirmation reflects Moody's view that the bank's operations and standalone profile are not expected to change significantly until the merger is completed.
The change of outlook to positive on FGB's long-term ratings is driven by Moody's view that the merger will be beneficial for FGB's depositors and senior creditors as they will be transferred to NBAD, a fundamentally stronger entity.
Upon completion of merger, when all liabilities are transferred to NBAD, it is expected that the ratings on FGB will be withdrawn.
Moody's affirms NBAD, FGB deposit ratings
Moody's affirms NBAD, FGB deposit ratings
Saudi Awwal Bank becomes first Middle East bank to earn 7-star CinOrg innovation accreditation
Saudi Awwal Bank has become the first bank in the Middle East to receive a 7‑star Certified Innovative Organization rating from the Global Innovation Institute, the highest recognition awarded by the institute.
The accreditation marks a significant step in SAB’s innovation strategy and follows an innovation maturity assessment conducted by the institute in December 2025. The review, which built on an earlier assessment in December 2023, raised the bank’s maturity level from “Champion” to “Leader.” The new rating reflects SAB’s institutionalized approach to innovation, its enterprise-wide impact and its ability to consistently deliver measurable results.
With the 7‑star rating, SAB becomes the first bank in the region to reach the highest innovation maturity level, strengthening its position as a regional reference point for innovation-led and future-ready banking.
In 2025, the bank opened its flagship Innovation Centre and secured six internationally recognized innovation awards, along with a lab accreditation. The centre has supported SAB’s efforts to accelerate the adoption of advanced technologies, encourage cross-functional collaboration and reinforce its standing as a regional leader in financial innovation.
Saeed Assiri, chief innovation banking officer at SAB, said the recognition reflects years of focused work to build a sustainable innovation ecosystem.
“By investing in SAB’s culture, governance and talent, innovation enables the bank to remain future-ready,” he said. “This milestone reinforces our role in accelerating financial innovation in Saudi Arabia and delivering long-term value for our customers.”
The certification adds to SAB’s broader efforts to strengthen its innovation capabilities as the Kingdom’s banking sector continues to evolve.
