FAB Egypt completes merger of Bank Audi, to operate as FABMISR

Doaa A.Moneim , Sunday 12 Jun 2022

​First Abu Dhabi Bank (FAB) Egypt announced on Sunday the completion of their merger with Bank Audi Egypt.

FAB

 

According to the deal, all Bank Audi’s assets in Egypt will operate under FAB’s newly introduced brand identity FABMISR with a total value of over EGP 185 billion (equivalent to $10 billion) as of 31 March 2022 operating with 69 branches and 207 ATMs.

The legal merger and launch of FAB’s new brand in Egypt comes after obtaining all required regulatory approvals, including the final approval of the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI), according to FAB.

The system integration under the new identity is expected to be completed in the fourth quarter of 2022, whereby customers will be able to conduct their banking transactions and services in all branches under the new FABMISR.

“Egypt is one of the most promising strategic markets in the region. This investment highlights our firm confidence in the Egyptian economy, in line with government initiatives to foster the investment climate across all sectors. 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 Vision 2030 and bolstering bilateral relations between Egypt and the UAE,” said FAB Group’s CEO Hana Al-Rostamani.

Karim Karoui, FAB Group head of mergers and acquisitions and chairman of FABMISR, noted that this merger is considered one of FAB’s most prominent milestones towards expanding its presence in Egypt reinforcing its commitment to the Egyptian market. 

“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… This strategy aligns with our firm commitment to Egypt, bringing tangible benefits to FAB’s shareholders, customers, and employees”, said Mohamed Abbas Fayed, FABMISR’s CEO.

Describing the company’s strategy moving forward, Abbas Fayed said they will “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.”

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