First Abu Dhabi Bank, UAE's biggest lender, on Tuesday posted a 16% drop in 2020 net profit on higher impairment charges as the economy suffered from the coronavirus pandemic.
By Reuters Staff
(Adds Q4 profit, new CEO’s appointment)
DUBAI, Jan 26 (Reuters) - First Abu Dhabi Bank, UAE’s biggest lender, on Tuesday posted a 16% drop in 2020 net profit on higher impairment charges as the economy suffered from the coronavirus pandemic.
The bank also said its Chief Executive Andre Sayegh will be retiring next month and named Hana al-Rostamani, currently deputy group CEO, as the new chief executive.
Sayegh came from First Gulf Bank, which merged with NBAD in 2017 to become UAE’s biggest lender, spending a combined 21 years with FAB and FGB.
FAB said its underlying operating performance is expected to improve in 2021, driven by a healthy pipeline of business from government and state-linked companies, and by its latest acquisition in Egypt.
It looks like this was the result of either:
A mistyped address
A broken link on our site
A broken link on a search engine results page
A broken link on someone else s page
Some things to try:
Use the navigation menu at the top Most Read
The agreement is subject to further regulatory approvals in the UAE and Egypt, the statement added.
Bank Audi said the proceeds from the sale will help improve its capitalisation and contribute to its financial resilience. It is also in line with directives from the Central Bank of Lebanon to Lebanese lenders to raise their capital by 20 per cent to ride out any liquidity issues amid a worsening economic crisis in the country. Lebanon s banks could risk being shut out of the market if they do not comply by the end of next month.
Bank Audi Egypt has 53 branches with total assets of $5.3 billion at the end of September. FAB already has 17 branches in Egypt.
First Abu Dhabi Bank has agreed to buy the Egyptian business of Lebanon's Bank Audi in a deal which will make the largest lender in the United Arab Emirates also one of the biggest foreign banks in Egypt.