After receiving the relevant approvals in both Egypt and the UAE, FAB will move forward with rebranding Bank Audi’s local branches
First Abu Dhabi bank (FAB) is looking to fast track their recently acquired Bank Audi’s integration, noting that it is expected to be fully integrated by Q2 2021 after receiving the approval of the Central Bank of Egypt and other regulatory bodies for the transaction.
Citing unnamed sources close to the matter, Masrawy notes that the procedures for Bank Audi Egypt’s subordination to the UAE bank are moving in the right direction at a rapid pace.
After receiving the relevant approvals in both Egypt and the UAE, FAB will move forward with rebranding Bank Audi’s local branches.
Announced last January, FAB’s 100% acquisition of Lebanon’s Bank Audi’s subsidiary in Egypt made it one of the biggest foreign banks in Egypt.
This was FAB’s first international acquisition, and will increase its Egyptian business to more than $8 billion in assets, while the sale proceeds will help Bank Audi’s capitalization and financial resilience.