First Abu Dhabi Bank (FAB) has announced the completion of the legal merger of Bank Audi Egypt, where all the bank’s assets in Egypt will operate under FAB’s newly introduced brand identity “FABMISR”.
The system integration under the new identity is expected to be completed in the fourth quarter of this year, whereby customers will be able to conduct their banking transactions and services in all branches under the new brand “FABMISR”.
Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market with assets of over EGP185 billion (about $10 billion) as of 31st March, 2022 operating with 69 branches and 207 ATMs.
Hana Al Rostamani, Group Chief Executive Officer of FAB, said, “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.”
From his side, Karim Karoui, FAB Group Head of Mergers and Acquisitions and Chairman of FABMISR, said, “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.”
Mohamed Abbas Fayed, FABMISR CEO, highlighted the bank’s vision for the new entity, stating, “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.”