First Abu Dhabi Bank (FAB) (Arabic ：بنك أبوظبي الأول） is the largest bank in the United Arab Emirates. It was formed following the merger of First Gulf Bank (FGB) and Abu Dhabi National Bank (NBAD).

FAB provides financial solutions, products and services through its corporate and investment banking operations as well as its personal banking operations.

Headquartered in Abu Dhabi's Khalifa Business Park, the bank operates on five continents: Asia Pacific (APAC), Europe, the Americas, the Middle East and Africa (EAMEA).

History

First Abu Dhabi Bank was formed through the merger of FGB and NBAD. On July 3, 2016, the two UAE banks announced that their boards of directors had unanimously voted to approve the proposed merger of the two entities presented to shareholders. The transaction was approved by their respective shareholders on December 7, 2016. The transaction was executed through a share swap, with FGB shareholders receiving 1.254 NBAD shares for every FGB share held. The merger resulted in the establishment of First Abu Dhabi Bank (FAB), the largest bank in the UAE, in April 2017.

The launch of FAB's new brand identity combines the "Abu Dhabi" and "First" logos of NBAD and FGB. The name of First Abu Dhabi Bank (FAB) reflects the roots of the two banks in the region. The bank has adopted the acronym F.A.B in its logo, which also bears the "Awwal" (First) brand logo, which has been amplified to represent growth and leadership.

In 2019, the bank began its international expansion by starting operations in Saudi Arabia.

In 2019, Qatar filed a lawsuit against three banks involved in the plan to devalue the Qatari riyal in 2017. The lawsuit against First Abu Dhabi Bank and Saudi Arabia's Samba Bank was filed in New York, while the lawsuit against private bank Banque Havilland was filed in London. In 2023, the Financial Conduct Authority (FCA) fined Havilland £10 million for its involvement in the schemes, which were also forwarded to an official at Abu Dhabi's sovereign wealth fund.

The bank's net profit fell from Dh12.50 billion in 2019 to Dh10.60 billion in 2020.

In January 2021, Hana Rostamani was appointed Group CEO. The company said its net profit at the end of 2021 was $3.40 billion, up 19% from the previous year.

Recognition

FAB was named by Global Finance as the safest bank in the UAE and the Middle East and the best bank in the UAE.

The Banker's 2020 World Bank Top 1000 list ranks FAB #1 in the UAE, #2 in the Middle East, and #85 globally as measured by Tier 1 capital - in addition, the bank's asset ranking in the same list is #109.

FAB is also ranked #1 in the UAE, #4 in the Arab world, and #303 globally in Forbes' annual ranking of the world's 2000 largest listed companies.

Financial Performance

In 2022, First Abu Dhabi Bank's net profit was AED 13.40 billion.