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The license will facilitate membership of the country’s central securities depositary FAB Logo Image Credit: Supplied
Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank, has obtained a custody license in Egypt from the Financial Regulatory Authority, Egypt’s Capital Market regulator.
The license will facilitate membership of the country’s central securities depositary, Misr for Central Clearing, Depository and Registry (MCDR), providing the integral function of settlement and clearing of trades executed on The Egyptian Exchange (EGX).
This follows FAB’s recent definitive agreement to buy 100% of Bank Audi Egypt, including its local custody franchise, which will supplement FAB’s custody services expansion in Egypt. Post-acquisition, FAB will be one of the largest foreign banks in Egypt by total assets with pro-forma total assets of more than EGP 120 billion (USD 8.1bn).