First Abu Dhabi Bank completes merger with Bank Audi Egypt

RIYADH: First Abu Dhabi Bank has announced the completion of a legal merger with Bank Audi Egypt to operate as a single legal entity under the new name, First Abu Dhabi Bank Egypt.

ُThe full integration of the bank’s operations and systems will be completed by the last quarter of 2022, Al-Arabiya reported citing a statement. 

With the completion of the merger, FAB Egypt will now be operating in the Egyptian market with assets valued at 185 billion Egyptian pounds ($9.8 billion) as of March 31, according to the Al-Arabiya report.  

First Abu Dhabi Bank started its activity in the Egyptian market in 1975 as the second foreign bank and first Arab bank to invest in the country’s market.