First Abu Dhabi Bank – Egypt is a financial institution that operates in Egypt. First, Abu Dhabi Bank, the biggest bank in the United Arab Emirates (UAE), is the parent company of this subsidiary. FAB Egypt was established in 1976 and has since grown to become one of the leading banks in Egypt.
Personal, business, and investment banking are among the financial services and products that FAB Egypt provides to its clientele. Its banking services include accounts, loans, credit cards, and online banking. The bank also offers corporate banking services such as trade finance, cash management, and treasury services. FAB Egypt also provides investment banking services for mergers and acquisitions, debt and equity capital markets, and project financing.
FAB Egypt has a strong presence in Egypt, with a nationwide network of branches and ATMs. The bank has significantly invested in technology to improve its services because it is dedicated to giving its clients cutting-edge and practical banking solutions. With its strong financial position and commitment to customer service, FAB Egypt is well-positioned to continue its growth and success in the Egyptian market.
Historical Overview
Acquisition of Bank Audi Egypt
First Abu Dhabi Bank (FAB) is a leading financial institution in the United Arab Emirates (UAE) that offers a wide range of banking and financial services. In January 2021, FAB acquired 100% of the share capital of Bank Audi Egypt, the Egyptian unit of Bank Audi, a leading Lebanese bank. The acquisition was part of FAB’s strategic plan to expand its business operations in Egypt and strengthen its position in the North African market.
Legal Merger and Brand Identity
Following the acquisition, FAB completed the legal merger of Bank Audi Egypt and rebranded its Egypt operations as FABMisr in June 2022. FABMisr is now one of the largest foreign banks in Egypt by total assets, offering its customers a comprehensive range of banking and financial services. After receiving all necessary regulatory approvals, including the final approval of the General Authority for Investment and the Central Bank of Egypt (CBE), FAB officially merged and launched its new brand in Egypt.
In summary, FAB’s acquisition of Bank Audi Egypt and subsequent legal merger and rebranding as FABMisr has enabled the bank to expand its business operations in Egypt and strengthen its position in the North African market. As one of the biggest foreign banks in Egypt in terms of total assets, FABMisr currently provides a wide range of banking and financial services to its clientele.
Banking Operations
First Abu Dhabi Bank – Egypt (FABMISR) offers a range of banking operations to meet the needs of its customers. The bank has several branches and ATMs across Egypt, making it convenient for customers to access banking services.
Branches and ATMs
FABMISR has a network of branches and ATMs in various regions of Egypt. The staff members at the bank’s branches are polite, informed individuals who are constantly available to help clients with their banking requirements. The ATMs are available 24/7 for customers to carry out transactions such as withdrawals, deposits, and balance inquiries.
Banking Transactions
FABMISR offers its customers a range of banking transactions, including local and international transfers, bill payments, and checkbook requests. Customers can access their account information and transaction history via the bank’s online and mobile banking platforms.
Digital Banking Services
FABMISR’s digital banking services provide customers with a convenient and secure way to transact. Through the bank’s mobile application, clients can use their phones to view their accounts, send money, and make payments. The app also generates one-time passwords (OTPs) for secure transactions.
In conclusion, FABMISR provides its customers with a range of banking operations that are convenient, secure, and easy to use. Whether customers prefer to carry out their banking transactions in person or online, the bank has the resources to meet their needs.
Financial Performance
Total Assets
First Abu Dhabi Bank – Egypt (FAB – Egypt) has performed well in total assets. According to the financial statements of FABMISR, the bank’s net loans and advances to customers increased by 77% to EGP 86.50 billion at the end of December 2023 compared to the year-ago period. This indicates that the bank has attracted more customers and expanded its loan portfolio.
Furthermore, customer deposits reached EGP 139.38 billion at FABMISR during January-December 2022, resulting in a 35% increase compared to 2021. This shows that FAB-Egypt has attracted more customer deposits, which has helped the bank increase its total assets.
Investment Funds
FAB – Egypt has been offering various investment funds to its customers. The managers of these funds are seasoned experts with a thorough understanding of the financial markets. The bank has been able to attract a large number of customers to these funds due to their attractive returns and low risk.
FAB – Egypt’s investment funds have performed well recently. For instance, FABMISR achieved a 129% year-on-year (YoY) surge in net profit to EGP4.50 billion in 2022. This indicates that the bank’s investment funds have generated good returns for its customers.
In conclusion, FAB – -Egypt has performed well in total assets and investment funds. The bank has attracted more customers and expanded its loan portfolio, which has helped increase its total assets. Moreover, FAB – Egypt’s investment funds have been generating good returns for its customers, which has helped the bank to attract more customers to these funds.
Strategic Expansion
First Abu Dhabi Bank – Egypt has expanded its presence in the Egyptian market since its inception. With its broad network and experience, the bank has positioned itself strategically throughout the nation to provide its clientele with a comprehensive array of financial solutions.
Presence in the Egyptian Market
Establishing a significant foothold in the Egyptian market has been the main focus of the bank’s expansion strategy. Having more than 200 ATMs and 70 branches nationwide, First Abu Dhabi Bank – Egypt has made a name for itself in the Egyptian banking market. Corporate, investment, and retail banking are just a few of the many banking services and products that the bank provides.
Regional Influence in the Middle East
First Abu Dhabi Bank – Egypt’s strategic expansion plan extends beyond the Egyptian market. The bank has a significant regional influence in the Middle East, in Oman and Bahrain. The bank’s dedication to offering its clients cutting-edge financial solutions has fuelled its growth.
As the largest bank in the UAE, First Abu Dhabi Bank has leveraged its expertise and resources to expand its presence in the region. The bank’s expansion strategy has been concentrated on finding fresh market opportunities and creating cutting-edge financial products to satisfy its clients’ changing requirements.
First Abu Dhabi Bank – Egypt has successfully expanded its presence in the Egyptian market and the Middle East region. The bank’s expansion strategy has centered on building a strong market presence and providing innovative financial solutions to its customers. With its extensive network and expertise, First Abu Dhabi Bank – Egypt is well-positioned to continue its growth and expansion in the region.
Leadership and Management
Executive Leadership
First Abu Dhabi Bank – Egypt is led by a team of experienced executives committed to driving the bank’s growth and success. At the bank’s helm is CEO and Managing Director Mohamed Abbas Fayed, who brings a wealth of experience to the role. Fayed is responsible for overseeing the bank’s operations in Egypt and ensuring it remains competitive.
Under Fayed’s leadership, First Abu Dhabi Bank – Egypt has made significant progress in expanding its operations and strengthening its position in the market. The bank has made significant investments in innovation and technology, which have enhanced its offerings and drawn in new clients. Additionally, Fayed has played a key role in shaping the bank’s corporate culture, which is centered on providing outstanding customer service and fostering enduring relationships with clients.
Strategic Direction
The executive leadership team of First Abu Dhabi Bank – Egypt sets the bank’s strategic direction and is dedicated to providing value and sustainable growth to all of its stakeholders. The bank’s strategy is centered on growing its business in Egypt and using its extensive global network to provide clients with cutting-edge financial solutions.
One of the key priorities for the bank is to continue investing in technology and innovation, which will help to improve its services and enhance the customer experience. The bank is also committed to developing its human capital and building a high-performance culture encouraging innovation, collaboration, and excellence.
Overall, First Abu Dhabi Bank – Egypt’s leadership team is committed to delivering sustainable growth and value for its stakeholders. The bank is well-positioned to succeed in the competitive Egyptian market through its focus on innovation, customer service, and strategic investments.
Frequently Asked Questions
How can I apply for a job at FAB Egypt?
If you would like to apply for a job at FAB Egypt, go to their official website and look through the careers section to see if there are any positions that fit your qualifications. Also, you can send in your resume for potential future employment.
Where can I find FAB Egypt branch locations?
FAB Egypt operates multiple branches throughout the country. By using the branch locator tool on their official website, you can quickly locate the branch that is closest to you. You can also call their customer service center to inquire about the nearest branch location.
What is the SWIFT code for FAB Egypt?
The SWIFT code for FAB Egypt is NBAD EG CX.
How do I contact FAB Egypt customer service?
You can contact FAB Egypt customer service by calling their dedicated hotline at 19977. The hotline is available 24 hours a day, seven days a week. In addition, you can visit the closest branch or send an email to their customer service address.
What are the operating hours for FAB Egypt branches?
FAB Egypt branches are open from 9:00 AM to 3:00 PM from Sunday to Thursday. Some branches also operate on Saturdays from 9:00 AM to 1:00 PM.
What is the ownership structure of Abu Dhabi Islamic Bank Egypt?
Abu Dhabi Islamic Bank (ADIB) is the parent company of FAB Egypt. ADIB is a leading Islamic financial institution based in the UAE. It has operations in several countries worldwide. Serving clients in Egypt, FAB Egypt is an ADIB subsidiary that provides a comprehensive array of banking and financial services.
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