Completing the integration will contribute to strengthening the size of the new entity and its local presence across the country, explained FABMISR CEO Fayed
The First Abu Dhabi Bank’s Egyptian subsidiary, FABMISR, has completed the integration of Bank Audi Egypt after it completed acquisition of the latter in 2021.
FAB announced the successful migration of all banking relationships and services under the FABMISR umbrella earlier today in a press conference.
The integration was originally expected to be completed by Q2 2021 before being pushed to 2022.
The new integrated entity reinforces the bank’s unwavering commitment to its customers as one of the largest private sector banks operating in the Egyptian market, said Mohamed Abbas Fayed, CEO and Managing Director of FABMISR.
FAB’s acquisition of Lebanon’s Bank Audi’s subsidiary in Egypt, the company’s first international acquisition, made it one of the biggest foreign banks in Egypt.
Following the successful legal merger, FABMISR’s assets are estimated at EGP 187 billion, operating with 69 branches and 211 ATMs across Egypt, the company explained.
Completing the integration will contribute to strengthening the size of the new entity and its local presence across the country, as well as facilitating access to banking services for customers through a strategically located and integrated branch network, explained the FABMISR CEO.
Fayed added that FAB has a continuous focus in investing in the sector’s cutting-edge solutions, as well as establishing promising partnerships with relevant entities, while geographically expanding its presence.
FABMISR is looking to boost investments into the Egyptian market to accelerate expansion plans,” given the growth prospects and strong bilateral ties” between Egypt and the UAE.
