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First Abu Dhabi Bank to launch new brand in Egypt

The merger is part of First Bank Abu Dhabi's strategy to increase its footprint in Egypt Creative Commons
The creation of FABMISR is part of First Bank Abu Dhabi's strategy to increase its footprint in Egypt

First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR.

FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI).

FABMISR will become one of the largest foreign banks operating in the Egyptian market with assets of over $10 billion as of March 31, operating with 69 branches and 207 ATMs.

“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,” Hana Al Rostamani, Group Chief Executive Officer of FAB, said in a press statement.

“This investment highlights our firm confidence in the Egyptian economy, in line with government initiatives to foster the investment climate across all sectors.

She added that the deal will help in “bolstering bilateral relations between Egypt and the UAE”.

Reuters reported in April that FAB had withdrawn its offer for a controlling stake in EFG Hermes, Egypt’s biggest investment bank.