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Year in Review

Annual Report

January

FAB issued the year’s first Chinese Yuan (CNY) in the Formosa bond market with a CNY 1.5 billion five-year bond at 3.15%, representing the lowest coupon paid by a MENA bank on a public CNH five-year issuance.

Bank Audi sal and FAB signed a definitive agreement for the sale and purchase of 100% of Bank Audi sae (Egypt)’s share capital.

Annual Report

February

FAB acquired a custody license from Egypt FRA.

FAB partnered with Paris II University to support its new FAB Scholars initiative, and sponsored Emirati law students.

FAB prices largest Middle Eastern bank Euro-denominated bond issue.

Annual Report

April

FAB announced the completion of payments business carve out and launched its new brand, Magnati.

FAB’s Magnati launched its end-to-end subscription-based ‘Business in a Box’ solutions to help SMEs kickstart their in-store and online businesses.

Annual Report

June

FAB signed an agreement with the Mohammed Bin Rashid Housing Establishment (MBRHE) to provide flexible financing options for UAE Nationals seeking suitable family housing.

FAB issued the MENA region’s first Chinese Yuan green bond, reaffirming the Bank’s regional leadership in green and sustainability linked funding.

FAB’s MSCI ESG rating was upgraded to AA.

FAB completed the share transfer and acquisition of Bank Audi Egypt (effective 28 April, 2021).

Annual Report

July

FAB and State Street Corporation (NYSE:STT) announced a new strategic alliance that leverages FAB’s regional securities services expertise, incorporating the largest direct custody network in MENA, and State Street’s global strength and capabilities.

Annual Report

August

FAB partnered with IKEA to offer National Housing Loan (NHL) programme customers specialised personal loans to furnish and decorate their homes.

Annual Report

September

FAB partnered with the Abu Dhabi Residents Office (ADRO) to offer UAE Golden Visa holders’ exclusive mortgage and deposit products at competitive rates.

Annual Report

October

FAB joined the Net-Zero Banking Alliance (NZBA), becoming the first UAE and GCC bank to join, and supporting the UAE’s race for net-zero carbon emissions by 2050.

Annual Report

November

FAB became the first UAE bank to issue ‘Green Repo’ financing.

FAB receives license to establish its first mainland branch in Shanghai, China.

Annual Report

December

FAB adopted a Monday-to-Friday working week based on the UAE Government and Central Bank of UAE Guidelines.

RSA, a leading provider of insurance services in the region, partnered with Magnati to support its customers with enhanced omni-channel services for a seamless payment experience, with a full suite of payment acceptance solutions for in-store and online channels.

Magnati partnered with Dubai Refreshment Company – Pepsi to offer the region’s first-of-its-kind direct integration payment solution for vending machines.

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