The announcement comes after the banks secured all regulatory clearance including the nod of the Central Bank of Egypt (CBE) and the General Authority for Investment & Free Zones (GAFI).
The combined entity, which will operate under the FABMISR brand, is anticipated to be one of the leading foreign banks in Egypt.
As of 31 March 2022, FABMISR had EGP185bn ($10nn) in assets, 69 branches, and 207 ATMs.
System integration of FABMISR is expected to complete in the fourth quarter of 2022.
FAB group CEO Hana Al Rostamani said: “We are proud of the successful legal merger, which will enable us to further extend our operations’ footprint in Egypt—one of the most promising strategic markets in the region. This investment highlights our firm confidence in the Egyptian economy, in line with government initiatives to foster the investment climate across all sectors.
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“FAB believes that Egypt is a strategic gateway to MENA; hence, this step will undoubtedly contribute to our strong position regionally and globally. We are also looking forward to contributing to Egypt’s strategic “Vision 2030” and bolstering bilateral relations between Egypt and the UAE.”
FAB did not disclose the terms of the deal, which was announced in January 2021 after being deferred due to the Covid-19 pandemic.
FABMISR CEO Mohamed Abbas Fayed said: “We will work over the coming period on expansion opportunities to strengthen our presence in the Egyptian market, which presents promising investment opportunities given its unique demographics.
“Our strategy in the coming period shall focus on key initiatives empowering various segments of society and SMEs, embracing financial inclusion and digital transformation, leveraging our expertise as one of the world’s largest and safest financial institutions.”