First Abu Dhabi Bank, the UAE's largest lender by assets, has completed the transfer of Bank Audi Egypt's shares and will begin integrating its operations.
The lender, which announced in April that it had received approval from regulators to transfer the shares, expects to complete the process by 2022, it said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.
FAB agreed to buy the Egyptian arm of Bank Audi, based in Lebanon, in January this year for an undisclosed sum. The deal is expected to significantly increase the FAB's footprint in Egypt.
The integration of Bank Audi Egypt into FAB's Egyptian operations will make FAB one of the biggest foreign banks in the Arab world's most populous nation, with assets of 130 billion Egyptian pounds ($8.5bn) as of the end of last year. The combined operation will be led by FAB Egypt's chief executive Mohamed Fayed, who joined the lender in 2019 after previously heading Bank Audi.
FAB was advised on the deal by UBS, Freshfields Bruckhaus Deringer and Matouk Bassiouny & Hennawy. Bank Audi was advised by EFG Hermes, JP Morgan and Broadgate Advisors.
Bank Audi Egypt has 53 branches with total assets of $5.3bn as of the end of September. FAB already has 17 branches in Egypt.
FAB had initially started talks in 2020 to acquire the Egyptian unit of Bank Audi but later suspended discussions owing to the coronavirus pandemic.
The lender is pressing ahead with its expansion plans after it posted a 3 per cent rise in first-quarter net profit this year thanks to lower impairment charges and a broader economic recovery.
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Killing of Qassem Suleimani
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Mohammed bin Zayed Majlis
KILLING OF QASSEM SULEIMANI
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
