First Abu Dhabi announces completion of legal merger of assets of Bank Audi - Egypt

CAIRO - 12 June 2022: First Abu Dhabi Bank announced Sunday the completion of the legal merger of the assets of Bank Audi Egypt and the change of its brand to “First Abu Dhabi Bank - Egypt”, and the start of the new identity of the bank in all its branches in Egypt.

 

The bank affirmed that it had obtained the final approvals from the regulatory authorities, including the approval of the Central Bank of Egypt (CBE) and the General Investment Authority, while the bank’s operations and systems will be fully integrated in the last quarter of this year.

 

After the completion of the two phases of merging the assets and changing the current brand, there remains the phase of merging the operations and systems of the two entities into one system, which is expected to be completed in the last quarter of this year, whereby customers of the new entity can conduct their banking transactions and complete their banking services in any of the bank’s branches, all under the new identity First Abu Dhabi Bank Egypt, according to the statement.

 

With the completion of the legal merger, First Abu Dhabi Bank - Egypt became one of the largest foreign banks operating in the Egyptian market with assets of LE 185 billion (equivalent to $10 billion) as of March 31, 2022, with its branches spread in Egypt through 69 branches and 207 ATMs.