The former National Bank of Abu Dhabi (NBAD)’s Egypt division announced that it has completed its rebranding as First Abu Dhabi Bank (FAB), following the merger between First Gulf Bank (FGB) and NBAD in April 2017. As one of the largest foreign banks in Egypt, the division will continue to play a key role in the bank’s regional strategy.
Combining its expertise in Egypt and strong roots in the UAE, FAB-Egypt possesses a distinct advantage, that could help it position itself as a bank of choice for clients wishing to do business in the Middle East and North Africa (MENA) region. In addition to continuing to support Egyptian corporate clients, the bank would also continue to capture trade flows between key trading partners globally and in the region. The bank will also continue to offer Egyptian clients an opportunity to invest in multi-asset classes including equities, fixed income, and money markets and will focus on further enhancing its personal banking services moving forward.
Given the prominent role that Egypt plays in the MENA, as well as the country’s recent economic reform programme and new pro-investment laws, FAB is looking to the Egyptian market as a key element of its growth strategy.
Andre Sayegh, deputy group CEO and group head of corporate and investment banking, said that the group is very pleased to be supporting one of the key economies of the region. “Our Egyptian operations will be focused on providing market-leading corporate offerings, and innovative personal banking solutions as we work on serving Egyptian clients,” he added, noting that, geographically, it provides them with the ideal access to support inbound business from Egypt and other international locations into the UAE.
FAB is the largest bank in the UAE with total assets worth AED 669bn ($182bn).
Ahmed Ismail Hassan, country CEO, said that the successful merger of FGB and NBAD has resulted in a stronger financial entity, which will further propel its journey in Egypt. “Having firmly established ourselves in the local market, we will continue to offer our clients market-leading personal and corporate banking solutions with a network covering Cairo, Alexandria, the Delta, Upper Egypt, and the Red Sea,” he added.
Hassan pointed out that international operations continue to play a key role in FAB’s growth strategy, highlighting FAB-Egypt as an important contributor in the bank’s global network.