Abu Dhabi’s StanChart interest showcases global ambitions

Abu Dhabi’s StanChart interest showcases global ambitions

Dubai: In April, First Abu Dhabi Bank pulled a $1 billion deal to acquire Egypt’s biggest investment bank. Just months later, it set its sights much higher. FAB, which has grown into the Middle East’s largest bank by assets since it was created through a merger about six years ago, said on Thursday it explored a bid for Standard Chartered, but that it’s no longer considering an offer for the London-based lender. FAB’s exploration of Standard Chartered highlights the growing ambition of Middle East lenders. It also showcases Abu Dhabi’s aspirations to play a bigger role on the international stage. “The fact that FAB have looked at merging with an international bank of the size of Standard Chartered demonstrates the ambition of Abu Dhabi Inc. in growing its financial services reach to new geographic territories,” said Mohammed Ali Yasin, an Abu Dhabi-based, independent capital markets advisor and investor. The interest also “emphasizes its thought process of looking to grow exponentially rather than gradually to leap in size over local and regional competition.” FAB was created when Abu Dhabi in 2016 combined two of its largest lenders “- National Bank of Abu Dhabi and First Gulf Bank. The new entity’s main