FAB to complete integration of Bank Audi Egypt by 2022

FAB to complete integration of Bank Audi Egypt by 2022

First Abu Dhabi Bank, the UAE's largest lender by assets, has completed the transfer of Bank Audi Egypt's shares and will begin integrating its operations.

The lender, which announced in April that it had received approval from regulators to transfer the shares, expects to complete the process by 2022, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.

FAB agreed to buy the Egyptian arm of Bank Audi, based in Lebanon, in January this year for an undisclosed sum. The deal is expected to significantly increase the FAB's footprint in Egypt.