First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates, formed by the merger of First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). FAB offers a range of personal banking products and services, including loans, credit cards, savings, insurance, and rewards. FAB Personal Loan and FAB Rewards offer customers a chance to win a Rabdan One and prizes worth AED 150,000.
FAB’s Corporate and Investment Banking and Personal Banking franchises offer customers tailor-made solutions, products, and services worldwide. FAB’s online banking service provides a convenient way to manage finances 24/7 with support and keep up to date with accounts. FAB USA N.V. is an integral part of the FAB Group, providing services and credit facilities in the largest financial market in the world.
FAB offers mortgage loans with specific details to help customers achieve their dream of owning a home. With competitive interest rates, flexible repayment options, and a range of mortgage products, FAB caters to the diverse needs of its customers. FAB’s mortgage loan products include Fixed Rate Mortgages, Adjustable Mortgages, and Buyout Mortgages.
History and Growth
Merger of NBAD and FGB
First Abu Dhabi Bank (FAB) was formed in April 2017 as a result of a merger between two central banks in the United Arab Emirates (UAE), namely the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB).
The merger resulted in the formation of the largest bank in the UAE, boasting assets exceeding AED 731 billion ($200 billion) as of December 31, 2021. It aligned with the bank’s growth ambitions, aiming to establish a leading regional bank with a robust balance sheet and a diversified business model. Additionally, it sought to bolster the banks’ capacity to provide customers with innovative products and services while generating value for shareholders.
Expansion and Milestones
After the merger, FAB has continued expanding its operations and achieved several milestones. In 2021, the company reported net profits of US$3.4 billion, a 19 percent increase from the previous year. Global Finance has also ranked FAB as the safest bank in the UAE and the Middle East and the best bank in the UAE.
FAB has a strong presence in the UAE, with over 120 branches and more than 1,200 ATMs nationwide. The bank also has a growing international presence, with operations in over 19 countries worldwide.
In addition to its traditional banking services, FAB offers its customers a range of innovative products and services, including mortgage loans with competitive interest rates and flexible repayment options. For instance, the bank offers up to 80% financing for purchasing residential properties, with a repayment period of up to 25 years.
FAB’s growth and success can be attributed to its strong balance sheet, diversified business model, and commitment to offering innovative products and services to its customers.
Banking Services
First, Abu Dhabi Bank (FAB) offers a wide range of banking services to cater to the needs of its customers. The bank provides a variety of personal, corporate, and investment banking services, as well as private banking solutions. Here are some of the services offered by FAB:
Personal Banking
FAB offers a range of personal banking products and services to help individuals manage their finances. UAE nationals can benefit from special offers and services, including:
- Up to AED 10,000 cashback when transferring their salary
- Personal loans
- Home loans
- Car loans
- Credit cards
- iSave accounts
Customers can also earn FAB Rewards with a new FAB Rewards Credit Card, which offers up to 300,000 FAB Rewards.
Corporate and Investment Banking
FAB’s corporate and investment banking services cater to the needs of businesses of all sizes. The bank offers a range of products and services, including:
- Corporate finance
- Project Finance
- Trade finance
- Cash management
- Treasury services
- Capital markets
FAB’s team of experts can provide customized solutions to help businesses achieve their financial goals.
Private Banking
FAB’s private banking services provide personalized solutions to high-net-worth individuals. The bank offers a range of products and services, including:
- Wealth management
- Investment advisory
- Estate planning
- Trust services
- Philanthropy advisory
FAB’s private banking team can provide tailored solutions to help clients meet their financial objectives.
Regarding mortgage loans, FAB offers competitive rates and flexible repayment options. Customers can choose from a range of mortgage products, including:
- Fixed-rate mortgages
- Adjustable rate mortgages
- Interest-only mortgages
FAB’s mortgage specialists can help customers choose the right product and guide them through the application process.
Overall, FAB’s banking services cater to the needs of a diverse range of customers, from individuals to businesses to high-net-worth individuals. With a range of products and services, FAB can provide customized solutions to help customers achieve their financial goals.
Financial Performance
Annual Reports
First, Abu Dhabi Bank (FAB) has a solid financial performance record, reflected in its annual reports. The bank has consistently reported positive net profits in recent years, with the latest available report being for the year 2021. The annual report provides a consolidated statement of FAB’s financial performance, including its balance sheet, income statement, and cash flow statement.
The bank’s 2021 annual report shows a net profit of AED 10.6 billion, a decrease from the previous year’s net profit of AED 12.5 billion. Despite the decline, the bank’s financial performance remained resilient in unprecedented market conditions. The report also shows that FAB’s total assets increased by 6% to AED 980 billion in 2021.
Net Profit and Balance
FAB’s net profit is an essential indicator of the bank’s financial performance. The bank’s net profit for 2021 was AED 10.6 billion, a decrease from the previous year’s net profit of AED 12.5 billion. However, the bank’s net profit remained solid and resilient in challenging market conditions.
FAB’s balance sheet is another important indicator of the bank’s financial performance. The bank’s balance sheet for 2021 shows total assets of AED 980 billion, an increase of 6% from the previous year. The bank’s loans and customer advances increased by 1% to AED 367 billion in 2021, with mortgage loans accounting for a significant portion of the total.
FAB’s investor relations reports provide additional information on the bank’s financial performance, including quarterly financial statements, management discussions and analysis reports, and earnings presentations. These reports provide shareholders and fixed-income investors with critical data and information on the bank’s economic performance and investment case.
In summary, FAB’s financial performance has remained strong and resilient despite challenging market conditions in recent years. The bank’s annual and investor relations reports provide shareholders and fixed-income investors with valuable information on the bank’s financial performance and investment case.
Commitment to Stakeholders
First, Abu Dhabi Bank (FAB) is committed to fostering positive stakeholder relationships and promoting constant engagement. FAB recognizes that by working in partnership with its stakeholders, it can achieve more significant results and impact on issues of importance. This section will outline FAB’s commitment to its stakeholders through its corporate governance and sustainability initiatives.
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Corporate Governance
FAB is committed to operating its business ethically and according to honesty, transparency, and accountability principles. The bank has a robust corporate governance framework to ensure it meets its obligations to its stakeholders, including its shareholders. The framework promotes good governance practices and ensures that FAB is managed responsibly and sustainably.
Sustainability Initiatives
FAB is committed to sustainability, as demonstrated by its environmental and social governance programs and reporting. The bank’s sustainability initiatives are designed to address the environmental and social challenges facing the UAE and the wider world. FAB is committed to supporting the UAE’s Net-Zero by 2050 Strategic Initiative, which charts a compelling pathway to a carbon-neutral future, presenting the potential to drive significant economic growth, inspire innovations, and deliver positive change for future generations.
FAB’s sustainability initiatives include:
- Embedding sustainability into its group strategy
- Unlocking value through carve-outs and M&As
- Offering green mortgage loans to encourage sustainable living
- Supporting the UAE’s energy transition through renewable energy financing
FAB’s green mortgage loans offer specific benefits to customers looking to purchase or refinance a property. These benefits include:
- A reduced interest rate for customers who buy or refinance a property with a high energy efficiency rating
- Longer loan tenure for customers who purchase or refinance a property with a high energy efficiency rating
- A waiver of processing fees for customers who buy or refinance a property with a high energy efficiency rating
In conclusion, FAB is committed to its stakeholders through its corporate governance and sustainability initiatives. The bank’s commitment to sustainability is evident in its environmental and social governance programs and reporting, and its green mortgage loans offer customers specific benefits that encourage sustainable living.
Strategic Partnerships
First, Abu Dhabi Bank (FAB) has formed strategic partnerships to expand its presence in Saudi Arabia and the wider Middle East region. These partnerships aim to strengthen FAB’s position as a leading financial institution in the area and provide customers with a wide range of products and services.
One of FAB’s key partnerships is with the Saudi Arabian government’s investment arm, the Public Investment Fund (PIF). This partnership is part of FAB’s strategy to expand its business in Saudi Arabia and support the country’s Vision 2030 economic diversification plan. As part of this partnership, FAB will provide mortgage loans to PIF employees at preferential rates.
FAB has also partnered with other regional leading financial institutions, such as the Abu Dhabi Investment Council and the Abu Dhabi Investment Authority. These partnerships have enabled FAB to expand its product offerings and provide customers with a broader range of investment options. FAB has global alliances, including State Street Corporation, enhancing its securities services in MENA.
