FAB- Egypt’s outstanding performance under Mohamed Abbas Fayed Leadership

In a new experience of Emirati acquisitions, a significant shift in the bank's performance and product structure has been achieved, positively impacting the bank's market share. This progress prompted the parent group, one of the most prominent Gulf and regional banks, to adopt an expansionary vision regarding its presence in the Egyptian market.

Last year, they announced the completion of a merger deal with Bank Audi-Egypt, representing a new milestone in the bank's performance and altering the landscape of major banks in the Egyptian banking market. This journey belongs to Mohamed Abbas Fayed, with First Abu Dhabi Bank - Egypt.

Fayed's journey with First Abu Dhabi Bank - Egypt began in 2019 when he assumed the executive leadership at the end of the year, aligning with the bank's plan to strengthen its presence in the Egyptian market and enhance the competitiveness of its products by attracting highly efficient personnel capable of leading financial institutions towards excellence.

After the acquisition, the bank's financial numbers demonstrated remarkable growth. Net profits increased by an impressive 572%, reaching EGP4.79 bn in the first quarter of 2023, compared to the same period last year.

Net interest income rose to EGP3.2 bn during the first quarter of the current year, a 131% increase compared to the same period last year.

Net fees and commissions income reached EGP544 mn, exhibiting a growth rate of 70% compared to the same period in 2022.

First Abu Dhabi Bank - Egypt climbed to the fourth position from its previous eighth position before the acquisition. Its market share in the asset market reached 2.12% of the total banking sector assets by the end of March 2023, up from 1.81% at the end of 2022. This increase added approximately 0.3% to its market share in just three months.

Its share in the loan market also surged to 1.8% of the total banking sector loans by the end of the first quarter of 2023, compared to 1.2% at the end of 2022.

Furthermore, its deposit portfolio grew to 2.06% of the total banking sector deposits by the end of March 2023, with its portfolio reaching EGP190 bn by the end of the first quarter of the current year.

Fayed boasts over 30 years of banking experience, having held distinguished positions in several other banks, notably Banque Misr, where he served as Deputy Chairman of the Board between 2010 and 2014. He was also Vice Chairman of the Board of Banque of Misr in Germany and a board member of the same bank in Lebanon. Additionally, he led the Corporate and Joint Loans Banking Group.

Before joining Bank Audi Egypt, Fayed served as Deputy Chairman of the Bank's Board from March 2017 until April 2019. During this period, he led the bank to expand its various activities, enhance its financial performance, broaden its customer base, and significantly improve the competitiveness of its products. Thus, he was well aware of the bank's strengths and effectively utilized them to enhance and support the competitiveness of First Abu Dhabi Bank in Egypt after the acquisition.

Fayed's beginnings trace back to 1989, specifically at Banque Misr, where he worked in various sectors, including corporate banking, central credit, syndicated loans, project financing, and heading the project financing and syndicated loans management.