FAB completes legal merger of Bank Audi Egypt, launches new brand identity

FAB completes legal merger of Bank Audi Egypt, launches new brand identity

Mubasher: First Abu Dhabi Bank (FAB) has completed the legal merger with Bank Audi Egypt whose assets will operate under FAB’s newly launched brand identity 'FABMISR'.

This step was made after FAB had received 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 a press release on Sunday.

The integration under the bank's new identity is expected to be completed in the fourth quarter (Q4) of 2022.

FABMISR will become one of the largest foreign banks operating in Egypt with assets of over EGP 185 billion ($10 billion) as of 31 March 2022.

The Group CEO of FAB, Hana Al Rostamani, said: "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."

Meanwhile, the CEO of FABMISR, Mohamed Abbas Fayed, commented: "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