According to Bloomberg, FGB and NBAD have appointed the senior management team for the merged bank. We do not believe there are any surprises here as the appointments reflect the merger of equals structure of the transaction. We have Neutral ratings on both FGB and NBAD.   Andre Sayegh of FGB to be deputy CEO Abhijit Choudhury of NBAD to be head of risk Hana Al Rostamani of FGB to be head of personal banking Malcolm Walker of NBAD to be head of audit Khalaf Al Dhaheri of NBAD to be chief operating officer   The two banks have already named Abdulhamid Saeed (currently MD FGB) as CEO designate and James Burdett (currently CFO NBAD) as CFO designate of the merged bank. (Shabbir Malik, Murad Ansari)   First Gulf Bank: AED11.25 as of 13 October, Rating: Neutral, FV: AED13.70 per share, MCap: USD13,794mn, FGB UH / FGB.AD NBAD: AED8.67 as of 13 October, Rating: Neutral, FV: AED9.00 per share, MCap: USD12,350mn, NBAD UH / NBAD.AD