First Abu Dhabi close to complete merging with Bank Audi Egypt

CAIRO - 12 September 2022: CEO of First Abu Dhabi Bank, Egypt, Mohamed Al-Fayed, said Sunday that the bank expects to complete the full integration of operations and systems with Bank Audi's unit in Egypt in the third week of next October.

 

The largest UAE bank acquired the unit of Bank Audi in Egypt in 2020, and announced the completion of the legal merger procedures in June with the change of its brand to "First Abu Dhabi Bank Egypt", with the start of work with the new identity in all its branches in Egypt, according to Reuters.

 

On the sidelines of the Environment and Development Forum in Cairo (EDF), Al-Fayed said that the bank decided to rely on the Bank Audi side when implementing the merger process, as it is the owner of the largest portfolio, and coordination is taking place with the Central Bank of Egypt (CBE) in every step taken by the bank.

 

On September 5, the First Abu Dhabi Bank announced a partnership agreement with the UK-based company, Silver Birch, to provide inventory financing solutions to its local and international corporate clients.

 

This partnership will allow both First Abu Dhabi Bank and Silver Burch to offer a variety of inventory financing solutions to suit the needs of customers.

 

The First Abu Dhabi Bank achieved a net profit of about 8 billion dirhams, compared to 5.353 billion dirhams in the same period in 2021.

 

It achieved non-recurring profits as a result of the disposal of a stake in a subsidiary, and a fair value gain from the held-for-sale stake of 3,093 billion dirhams.