First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates, formed in 2017 from the merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB). The timeline traces its corporate history from founding through mergers, expansions, and key milestones.
NBAD was founded with initial capital of 40 million dirhams as a government-owned bank to support Abu Dhabi's economic development. #banking #history
FGB was established in Al Ain, focusing on retail and corporate banking. It later became one of the UAE's leading banks. #banking #UAE
NBAD expanded globally by opening a branch in London, becoming one of the first UAE banks to operate overseas. #expansion #global
NBAD became a publicly traded company, enhancing transparency and capital access. #IPO #stockmarket
First Gulf Bank went public on the Abu Dhabi Securities Exchange after a successful initial public offering. #finance #IPO
NBAD introduced internet banking services, becoming a pioneer in digital banking in the region. #digital #innovation
FGB expanded into Egypt by acquiring stakes in local banks, strengthening its regional presence. #acquisition #Egypt
NBAD expanded into Africa with a branch in Khartoum, Sudan, tapping into growing trade ties. #Africa #expansion
FGB established an investment banking arm, FGB Capital, to offer advisory and asset management services. #investment #banking
NBAD purchased BNP Paribas's Egyptian operations for $500 million, significantly expanding its retail footprint in Egypt. #acquisition #Egypt
Both NBAD and FGB weathered the 2008 crisis with strong capital ratios, avoiding bailouts. #finance #crisis
Global Finance magazine ranked NBAD as the safest bank in the Middle East for the first time. #award #banking
FGB expanded to Qatar, one of the fastest-growing economies in the region. #Qatar #expansion
NBAD established a representative office in Shanghai to facilitate trade between China and the UAE. #China #trade
FGB bought Societe Generale's Egyptian operations for $1.5 billion, becoming a top 10 bank in Egypt. #acquisition #Egypt
NBAD introduced Sharia-compliant products under its 'NBAD Islamic' brand. #IslamicBanking #Finance
FGB expanded to the UK with a branch in London to serve corporate and institutional clients. #UK #expansion
NBAD expanded into Hong Kong to capture Asian wealth management opportunities. #HongKong #wealth
On July 3, 2016, NBAD and FGB announced a merger to create the largest bank in the UAE and one of the largest in the Middle East. #merger #banking
The merger completed; FAB began operations with total assets of AED 670 billion, under CEO Abdulhamid Saeed. #launch #UAE
FAB acquired Bank Audi's Egyptian operations for $1.2 billion, strengthening its position in Egypt. #acquisition #Egypt
FAB introduced a new mobile banking app with AI-powered features, enhancing customer experience. #digital #banking
FAB reported net profit of AED 12.1 billion for 2019, with resilience against COVID-19. #finance #results
FAB issued a $600 million green bond to fund sustainable projects, aligning with UAE's net-zero goals. #green #bond
FAB received approval to open a branch in Riyadh, expanding its presence in the Saudi market. #Saudi #expansion
FAB completed the acquisition of its Egyptian subsidiary, integrating it fully into the group. #acquisition #Egypt
FAB became one of the first Middle Eastern banks to offer services in the metaverse. #innovation #metaverse
FAB was named Best Bank in the UAE by Global Finance for the fifth consecutive year. #award #UAE