First Abu Dhabi Bank’s market share to increase 5% after Bank Audi Egypt acquisition

First Abu Dhabi's acquisition of Bank Audi Egypt seen completed by year-end

First Abu Dhabi Bank’s market share in Egypt will be reaching 4-5 percent after completing its acquisition of Bank Audi Egypt, FAB Egypt CEO Mohamed Abbas Fayed said on Tuesday.

He added that the bank current market share stands at 1.5 percent.

However, the bank expects to complete its acquisition of Bank Audi Egypt before the end of 2021 not this quarter, he clarified.

The Emirati lender is still waiting for the Egyptian and Emirati central banks to sign off on the transaction, he said, adding that he expects the Central Bank of Egypt to give its approval soon.

The acquisition is expected to lead to an increase FAB’s assets to 120 billion Egyptian pounds (c. $8.1 billion). Audi’s total assets were valued at 83 billion pounds ($5.3 billion) at the end of the third quarter of 2020.

Once the transaction closes, FAB’s branch count will more than triple to 70 from its current 17.