- April 22, 2021
- Posted by: Mayar
- Category: Business News
First Abu Dhabi Bank (FAB), the UAE’s largest lender, has announced that it has initiated the process of share transfer for 100 percent of the share capital of Bank Audi (Egypt), Lebanon-based Bank Audi’s subsidiary after receiving regulatory approvals.
Once the share transfer is complete, FAB said it will begin integrating the assets and operations of Bank Audi (Egypt) and FAB Egypt, with the integration process expected to be finalized in 2022.
Following share transfer completion, this acquisition will make FAB one of Egypt’s largest foreign banks by assets with Pro-forma total assets of more than EGP130 billion ($8.5 billion).
Hana Al Rostamani (pictured below), group CEO, FAB, said: “This acquisition represents an important strategic milestone for FAB’s international ambitions, accelerating FAB Group’s expansion in a high-potential market.
“It will significantly increase the size, scale, and experience of FAB Egypt, adding greater depth and reach to the value we offer our customers both locally and globally. FAB has a long history in Egypt, and we stand fully committed to supporting our new and existing customers across a full range of retail and corporate banking needs, as well as serving as a bridge for trade and investment flows across the MENA region and beyond, supporting all our stakeholders in unlocking new possibilities for growth.”
Bank Audi (Egypt)’s established retail and corporate banking propositions and vast branch network complement FAB’s operations in Egypt dating back to 1975, the bank said.
FAB Egypt’s CEO, Mohamed Abbas Fayed, has been appointed as country CEO of the combined entity, following an independent due diligence and selection process.
Fayed joined FAB in 2019 and was previously Bank Audi (Egypt) chief executive and managing director.