The legal merger and launch of FAB's new brand in Egypt comes after all required regulatory approvals have been obtained. This includes final approval from the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI), according to FAB.

The agreement calls for all of Bank Audi's assets in Egypt to operate under FAB's new brand identity, FABMISR, with a total value of more than EGP 185 billion (equivalent to $10 billion) by March 31, 2022, with 69 branches and 207 ATMs. The integration of the system under the new identity is expected to be completed in the fourth quarter of 2022, so that customers will be able to perform their banking transactions and services in all branches under the new FABMISR.

"Egypt is one of the most promising strategic markets in the region. This investment underscores our strong confidence in the Egyptian economy, in line with government initiatives to foster the investment climate in all sectors. FAB believes that Egypt is a strategic gateway to the MENA region; therefore, this step will undoubtedly contribute to our strong position on a regional and global scale. We are also looking forward to contributing to the strategic vision of Egypt 2030 and strengthening the bilateral relationship between Egypt and the UAE," said Hana Al-Rostamani, CEO of FAB Group.