ArabFinance: First Abu Dhabi Bank Egypt (FAB), in collaboration with the Central Bank of Egypt (CBE), will complete the acquisition of Bank Audi Egypt, Mohamed Fayed, CEO of FAB, said.

Fayed added that the deal will contribute to strengthening the Egyptian investment opportunities, especially the ability of the Egyptian banks to attract investments, support the quality of banking services and products provided to banking customers in general, in addition to paying attention to the human element and the banks employees through ambitious training and development plans.

FAB announced its acquisition of 100% of Bank Audi Egypt by signing the final acquisition agreement in January 2021, and the merger is expected to be completed during 2022.

The acquisition contributes to increasing the size and scope of the activity of FAB in Egypt, making it one of the largest foreign banks operating in Egypt in terms of assets.

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