First Abu Dhabi Bank (FAB) Egypt has announced the completion of the legal merger of Bank Audi Egypt, where all the bank’s assets in Egypt will accordingly operate under FAB’s newly introduced brand identity “FABMISR”, FAB said in filing to Abu Dhabi Securities Exchange.

The legal merger and launch of FAB’s new brand in Egypt come after obtaining all required regulatory approvals, including the final approval of the Central Bank of Egypt (CBE) and the General Authority for Investment & Free Zones (GAFI), the filing said.

The system integration under the new identity is expected to be completed in the fourth quarter of this year, whereby customers will be able to conduct their banking transactions and services in all branches under the new brand “FABMISR”.

Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market with assets of over EGP 185 billion (equivalent of USD$ 10 billion) as of March 31, 2022 operating with 69 branches and 207 ATMs.

“FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally. We are also looking forward to contributing to Egypt’s strategic “Vision 2030” and bolstering bilateral relations between Egypt and the UAE,” Hana Al Rostamani, Group Chief Executive Officer of FAB, said.

(Writing by Sunil S; editing by Seban Scaria seban.scaria@lseg.com