First Abu Dhabi Bank (FAB) (Arabic: بنك أبوظبي الأول) is the largest bank in the United Arab Emirates. It was formed following a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD).[2]
 | |
| Company type | Public |
|---|---|
| ADX: FAB | |
| ISIN | AEN000101016 |
| Industry | Banking |
| Founded | April 2017 |
| Headquarters | Abu Dhabi, United Arab Emirates |
Key people | Hana Al Rostamani, Group CEO Sheikh Tahnoun bin Zayed Al Nahyan, Chairman |
| Owner | [1] |
| Website | www |
FAB offers financial solutions, products and services through its Corporate and Investment Banking and Personal Banking franchises.[citation needed]
Headquartered in Abu Dhabi in Khalifa Business Park, the bank has a presence in five continents: Asia Pacific (APAC), Europe, Americas, Middle East and Africa (EAMEA).[3]
History
editFirst Abu Dhabi Bank was formed as a result of a merger between FGB and NBAD. On 3 July 2016, the two UAE banks announced that their boards of directors had voted unanimously on the recommendation to shareholders for the merger of the two entities.[4] The transaction was approved by the respective shareholders on 7 December 2016. The transaction was executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for each FGB share they held.[5] The merger led to the creation of the UAE’s largest bank, First Abu Dhabi Bank (FAB) in April 2017.[6]
The launch of FAB’s new brand identity combined the ‘Abu Dhabi’ and ‘First’ identities from NBAD and FGB, the First Abu Dhabi Bank (FAB) name reflects the two banks’ roots in the region. The bank adopted the acronym F.A.B in its logo, which also features the “Awwal” (First) brand mark, enlarged to represent growth and leadership.[7]
In 2019, the bank began international expansion with the start of operations in Saudi Arabia.
In 2019, Qatar filed a lawsuit against three banks that were involved in the 2017 plans to devalue the Qatari riyal. Suit against two banks, First Abu Dhabi Bank and Saudi Arabia’s Samba Bank were filed in New York, while the lawsuit against the private bank, Banque Havilland, was filed in London. In 2023, the Financial Conduct Authority fined Banque Havilland £10 million for its involvement in the plans, which were also forwarded to an Abu Dhabi sovereign wealth fund official.[8] [9]
The Bank's net profit declined from AED 12.5 billion in 2019 to AED 10.6 billion in 2020.[10]
In January 2021, Hana Al Rostamani has been appointed as group chief executive officer.[11] Company said its net profits were US$3.4 billion at the end of 2021, 19 percent up from than previous year.[12]
Recognitions
editFAB has been ranked by Global Finance as the safest bank in the UAE and the Middle East and the best bank in the UAE.[13]
The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE, second in the Middle East and 85th across the globe – in addition to ranking the bank #109 by assets in the same list.[14]
FAB was also ranked first in the UAE, 4th in the Arab world and 303rd globally in Forbes annual ranking of the world’s 2000 largest public companies.[15]
Financial performance
editFor the year 2022, First Abu Dhabi Bank has posted a net profit of AED 13.4 billion.[16]
References
edit
- ^ Bank, First Abu Dhabi. "Share Profile | First Abu Dhabi Bank (FAB) – UAE". Share Profile | First Abu Dhabi Bank (FAB) – UAE. Retrieved 5 February 2021.
- ^ Kerr, Simeon (3 July 2016). "Abu Dhabi banks agree $29bn merger to create national champion". Financial Times. Retrieved 3 July 2016.
- ^ "First Abu Dhabi Bank (FAB)". relbanks.com.
- ^ French, David (3 July 2016). "Abu Dhabi merger to create $175 billion banking heavyweight". Reuters. Retrieved 5 February 2021.
- ^ Diaa, Sarah (7 December 2016). "Shareholders of NBAD, FGB approve merger". gulfnews.com. Retrieved 5 February 2021.
- ^ "Revealed: Top 10 banks in the UAE". gulfbusiness.com. 22 September 2019. Retrieved 5 February 2021.
- ^ "First Abu Dhabi Bank reveals new brand identity". thenational.ae. May 2017. Retrieved 1 May 2019.
- ^ Szalay, Eva (8 April 2019). "Qatar sues trio of banks over plan to 'attack' financial markets". The Financial Times. Retrieved 22 May 2023.
- ^ Browning, Jonathan (5 May 2023). "UK Fines and Bans Banque Havilland's Edmund Rowland Over Qatari Plot". Bloomberg. Retrieved 22 May 2023.
- ^ "First Abu Dhabi Bank reports full year 2020 group net profit of Dh10.6 billion". 27 January 2021.
- ^ Bloomberg (27 January 2021). "Abu Dhabi lender FAB names Hana Al Rostamani as first female CEO". Gulf Business. Retrieved 27 January 2021.
- ^ "UPDATE 2-UAE's biggest lender FAB posts record profit but shares fall". Reuters. 27 January 2022. Retrieved 28 January 2022.
- ^ "World's Best Banks 2020: Middle East". gfmag.com. 13 May 2020. Retrieved 13 May 2020.
- ^ "Top 1000 World Banks 2020: Top 10 banks by Tier 1 capital: Globally". thebanker.com.
- ^ "GLOBAL 2000 The World's Largest Public Companies". Forbes. Retrieved 13 May 2020.
- ^ Mansoor, Zainab (26 January 2023). "First Abu Dhabi Bank reports highest ever net profit in 2022". Retrieved 31 January 2023.
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