Dubai: First Abu Dhabi Bank (FAB) has launched the process to acquire 100 per cent of the Egypt operations of Lebanon's Bank Audi after winning regulatory approval. Once the share transfer is complete, FAB will begin integrating the assets and operations of Bank Audi sae (Egypt) and FAB Egypt, with the integration process expected to be finalised in 2022.
This will make FAB one of Egypt’s largest foreign banks by assets, with more than 130 billion Egyptian pounds ($8.5 billion) as of December 31, 2020. Hana Al Rostamani, Group CEO of 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.”
FAB has had a presence in Egypt since 1975. FAB Egypt’s CEO, Mohamed Abbas Fayed, could be confirmed 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 sae (Egypt) chief executive and managing director.