First Abu Dhabi Bank (FAB) Egypt announced the completion of a legal merger with Bank Audi Egypt, where all of the latter’s assets in Egypt will accordingly operate under FAB’s newly introduced brand identity ‘FABMISR.’
The legal merger and launch of FAB’s new brand in Egypt come after the bank obtained all the required regulatory approvals, including the final approval of the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI).
Furthermore, system integration under the new identity is expected to conclude in the fourth quarter (4Q) of this year, whereby customers will be able to conduct their banking transactions and services in all branches under the FABMISR brand.
Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market, with assets of over EGP185bn ($10bn) as of 31 March 2022, 69 branches, and 207 ATMs.
“We are proud of the successful legal merger, which will enable us to further extend our operations’ footprint in Egypt — one of the most promising strategic markets in the region. This investment highlights our firm confidence in the Egyptian economy, which is in line with government initiatives to foster the investment climate across all sectors,” said Hana Al-Rostamani — Group CEO of FAB.
“FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally. We are also looking forward to contributing to Egypt’s strategic 2030 Vision and bolstering bilateral relations between Egypt and the UAE.”
For his part, Karim Karoui — FAB Group Head of Mergers and Acquisitions and Chairperson of FABMISR — stated: “As the largest bank in the UAE, FAB continues to implement its ambitious growth strategy through focused acquisition activities. The recent legal merger of Bank Audi Egypt is considered one of our most prominent milestones towards expanding FAB’s presence in Egypt, reinforcing our commitment to the Egyptian market. Finally, I would like to thank the relevant regulators in Egypt for cooperating with us to finalise the legal merger, reflecting the Egyptian government’s commitment towards enhancing Egypt’s investment climate.”
Furthermore, FABMISR CEO Mohamed Abbas Fayed highlighted the bank’s vision for the new entity by saying: “We will work over the coming period on expansion opportunities to strengthen our presence in the Egyptian market, which presents promising investment opportunities given its unique demographics. Our strategy in the coming period shall focus on key initiatives empowering various segments of society and SMEs, embracing financial inclusion and digital transformation, and leveraging our expertise as one of the world’s largest and safest financial institutions.”
“We will rely on our global expertise to further elevate the capabilities of our employees, providing them with enhanced exposure across the various markets where the bank operates to provide an optimal banking customer experience. This strategy aligns with our firm commitment to Egypt, bringing tangible benefits to FAB’s shareholders, customers, and employees.”