First Abu Dhabi Bank (FAB) has completed the merger of Bank Audi Egypt with its Egyptian operations, consolidating its market position in the most populous Arab country.
The combined entity will operate under FAB’s new brand identity in Egypt, FABMISR. The lender, with 69 branches and 207 ATMs, has become one of the largest foreign banks in the Egyptian market, with 185 billion Egyptian pounds ($10bn) in assets as of March 31, FAB said in a statement on Monday.
The merger will enable FAB to “further extend our operations’ footprint in Egypt — one of the most promising strategic markets in the region”, Hana Al Rostamani, group chief executive at FAB, said.
“This investment highlights our firm confidence in the Egyptian economy, in line with government initiatives to foster the investment climate across all sectors. FAB believes that Egypt is a strategic gateway to Mena; hence, this step will undoubtedly contribute to our strong position regionally and globally.”
The combined entity is expected to complete systems integration by the end of this year, allowing customers to conduct transactions through FABMISR branches, the bank said on Monday.
Last April, FAB announced receiving approval from regulators to transfer the shares after it agreed to buy the Egyptian arm of Lebanon-based Bank Audi in January 2021 for an undisclosed sum.
FAB had initially started talks in 2020 to acquire Bank Audi’s assets in Egypt but later suspended discussions because of the outbreak of the coronavirus pandemic.
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 chief executive, FAB
The acquisition is part of FAB’s regional expansion plans. The lender, which opened a representative office in Iraq in March, withdrew its non-binding offer to acquire a majority stake in Egypt's largest investment bank, EFG Hermes.
FAB cited “continuing global market uncertainty and volatile macroeconomic conditions” as reasons for dropping the bid, it said at the time.
“As the largest bank in the UAE, FAB continues to implement its ambitious growth strategy through focused acquisition activities,” Karim Karoui, FAB’s group head of mergers and acquisitions and chairman of FABMISR, said.
FAB more than doubled its first-quarter net income to a record high, driven by the sale of its majority stake in its payments business and improved performance of the bank’s core business.
Net profit attributable to shareholders for the three months to the end of March surged to Dh5.1bn ($1.4bn), the lender said in April.
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
