FAB reported a 16 per cent fall in net profit to Dh10.6 billion during 2020 as it increased net impairment charges by 42 per cent to make provisions for potential bad loans as a result of the pandemic. However, its performance strengthened as the year ended with a fourth quarter profit of Dh3.2bn, up 29 per cent on the prior quarter.
The integration of Bank Audi Egypt into FAB s Egyptian operations will make it one of the biggest foreign banks in the Arab world s most populous nation, with assets of 130bn Egyptian pounds ($8.5bn) as of the end of last year. The combined operation will be led by FAB Egypt s chief executive Mohamed Fayed, who joined the lender in 2019 after previously heading Bank Audi.
FAB initiates share transfer process for acquiring 100% of Bank Audi sae
FAB has a long history in Egypt and is fully committed to supporting new and existing customers. Wam
This acquisition will make FAB one of Egypt’s largest foreign banks by assets with pro-forma total assets of more than $8.5 billion as of December 31, 2020.
First Abu Dhabi Bank (FAB) has initiated the process of share transfer for 100% of the share capital of Bank Audi sae (Egypt), Lebanon-based Bank Audi’s subsidiary in Egypt.
Once the share transfer is complete, FAB will begin integrating the assets and operations of Bank Audi sae (Egypt) and FAB Egypt, with the integration process expected to be finalised in 2022.
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FAB to acquire 100% of Bank Audi Egypt’s share capital
ABU DHABI, January 21, 2021 First Abu Dhabi Bank (FAB) and Bank Audi sal have announced the signing of a definitive agreement for the acquisition by FAB of 100% of the share capital of Bank Audi sae, Bank Audi’s subsidiary in Egypt, a media report said. This agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi sae (Egypt) after obtaining the preliminary approval of the Central Bank of Egypt, reported Emirates News Agency
WAM. The transaction is expected to be completed within the next few months, following the satisfaction of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.
The proceeds will help strengthen Bank Audi group’s capitalisation and financial resilience
by Zainab Mansoor
January 21, 2021
Bank Audi and First Abu Dhabi Bank (FAB) have agreed for the latter to acquire 100 per cent of the share capital of Bank Audi sae, the former’s subsidiary in Egypt.
The acquisition was confirmed via a definitive agreement that followed a due diligence exercise conducted by FAB on Bank Audi Egypt after obtaining the preliminary approval of the Central Bank of Egypt. The transaction is expected to be concluded within the next few months, following the completion of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.