Abu Dhabi mega-bank FAB brings all of Bank Audi Egypt’s $10b assets under its fold

“As the largest bank in the UAE, FAB continues to implement its ambitious growth strategy through focused acquisition activities,” said Karim Karoui, FAB Group’s Head of Mergers and Acquisitions and Chairman of FABMISR. “The recent legal merger of Bank Audi Egypt is considered one of our most prominent milestones towards expanding FAB’s presence in Egypt reinforcing our commitment to the Egyptian market.”

FABMISR has cleared all required approvals, including the final stamp of the Central Bank of Egypt (CBE) and the General Authority for Investment & Free Zones (GAFI).

“We will work over the coming period on expansion opportunities to strengthen our presence in the Egyptian market, which presents promising investment opportunities given its unique demographics,” said Mohamed Abbas Fayed, FABMISR’s CEO. “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 the world’s largest and safest financial institutions.”

FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally

– Hana Al Rostamani, Group CEO of FAB