Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has obtained a custody license from the Egyptian Financial Regulatory Authority, according to a press release on Sunday.

The license will facilitate the membership of Misr for Central Clearing, Depository, and Registry (MCDR), Egypt's central securities depository.

Through the license, an integrated mechanism will also be set for the settlement and clearing of trades executed on The Egyptian Exchange (EGX).

The bank has been granted the custody license after signing a definitive agreement to hold 100% of Bank Audi Egypt, including its local custody franchisel support FAB’s custody services expansion in Egypt.

The acquisition has enabled to become one of the largest foreign banks in Egypt by total assets with pro-forma total assets of over EGP120 billion ($8.1 billion).

The Managing Director & Head of Securities Services, Kashif Darr, commented: "We will offer domestic investors a full range of world-class post-trade solutions, with our direct MCDR connectivity at its core. We will also intermediate international capital flows into this strategic market, as part of our regional direct custody platform."