FAB Egypt and Bank Audi Egypt finalize merger creating FABMISR
First Abu Dhabi Bank – FAB Egypt has completed the legal merger of Bank Audi Egypt, where all the bank’s assets in Egypt will accordingly operate under FAB’s newly introduced brand identity “FABMISR”.
The legal merger and launch of FAB’s new brand in Egypt come after obtaining all required regulatory approvals, including the final approval of the Central Bank of Egypt and the General Authority for Investment & Free Zones.
Through the legal merger, FABMISR will become one of the largest foreign banks operating in the Egyptian market with assets of over EGP185 billion (equivalent of USD 10 billion) as of March 31st, 2022 operating with 69 branches and 207 ATMs.
Group General Counsel at First Abu Dhabi Bank (FAB), Nimer Basbous (pictured) oversaw the transaction.
Matouk Bassiouny & Hennawy (“MBH”) acted as the legal advisor to First Abu Dhabi Bank (“FAB UAE”) in connection with the merger. The MBH team advising on the transaction was led by May El Shaarawy (partner, pictured above) and included Fatma Elhaiwan (senior associate) and Bassem ElAzhary (senior associate).