Dubai: Abu Dhabi’s First Abu Dhabi has completed the legal formalities on the merger of Bank Audi Egypt under the ‘FABMISR’ umbrella. This sets the stage for the systems integration, expected to be complete in the fourth quarter of this year. FAB made the move on Bank Audi Egypt in January 2021.
‘FABMISR’ – as the new entity’s branding - will become ‘one of the largest foreign banks operating in the Egyptian market with assets of over 185 billion pounds, or $10 billion. It has 69 branches as of now.
“As the largest bank in the UAE, FAB continues to implement its ambitious growth strategy through focused acquisition activities," said Karim Karoui, FAB Group's Head of Mergers and Acquisitions and Chairman of FABMISR. "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."
FABMISR has cleared all required approvals, including the final stamp of the Central Bank of Egypt (CBE) and the General Authority for Investment & Free Zones (GAFI).
"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," said Mohamed Abbas Fayed, FABMISR's CEO. "Our strategy in the coming period shall focus on key initiatives empowering various segments of society and SMEs, embracing financial inclusion and digital transformation, leveraging our expertise as one of the world's largest and safest financial institutions."
FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally