On Sunday, 12th of June, Egyptian Bank First Abu Dhabi (FAB) announced its complete merge with Bank Audi to now operate as FABMISR.
After receiving all legal approvals from the Central Bank of Egypt and the General Authority for Investment and Free Zones (GAFI), all Bank Audi’s former assets, valued at $10 billion, are now under the full control of the newly introduced brand identity: FABMISR, making it the largest foreign bank in Egypt.
“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. This investment highlights our firm confidence in the Egyptian economy, which is in line with government initiatives to foster the investment climate across all sectors,” Hana Al-Rostamani, Group CEO of FAB, said.
Al Rostamani further explained FAB’s eagerness to participate in Egypt’s strategic Vision for 2030, further strengthening the relations between Egypt and the UAE.
“There will be a focus on key initiatives empowering various segments of society and SMEs, embracing financial inclusion and digital transformation, and leveraging our expertise as one of the world’s largest and safest financial institutions,” Mohamed Abbas Fayed, FABMISR CEO, stated.
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