Question 1

What is First Abu Dhabi Bank (FAB)?

Accepted Answer

First Abu Dhabi Bank (FAB) is the largest bank in the United Arab Emirates, offering comprehensive financial solutions through its Corporate and Investment Banking and Personal Banking franchises. The QFC Branch represented FAB's presence in Qatar, operating within the Qatar Financial Centre, an onshore business and financial centre in Doha that provides a platform for international financial institutions.

FAB has a global presence spanning five continents: Asia Pacific, Europe, Americas, Middle East, and Africa.

Question 2

When was First Abu Dhabi Bank (FAB) founded?

Accepted Answer

First Abu Dhabi Bank was formed in April 2017 through a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). The merger was announced on July 3, 2016, with boards of both banks unanimously recommending the transaction to shareholders.

The merger was approved by shareholders on December 7, 2016, and executed through a share swap where FGB shareholders received 1.254 NBAD shares for each FGB share. The new brand identity combined elements from both legacy institutions, reflecting their roots in the Abu Dhabi region.

Question 3

When did First Abu Dhabi Bank (FAB) close?

Accepted Answer

The QFC Branch specifically closed its operations in 2019. On March 14, 2019, the QFC Regulatory Authority (QFCRA) issued a First Supervisory Notice prohibiting the branch from carrying on regulated activities for any new customers, including deposit taking, providing credit facilities, arranging deals in investments, and advising on investments.

FAB announced its decision to relinquish its QFC licence and close the branch in May 2019, citing that the branch contributed less than 0.03% of FAB's full-year 2018 net profit. The closure followed regulatory disputes related to an investigation into alleged manipulation of the Qatari Riyal.

The main First Abu Dhabi Bank entity continues to operate as the UAE's largest bank.

Question 4

Where is First Abu Dhabi Bank (FAB) headquartered?

Accepted Answer

First Abu Dhabi Bank is headquartered in Abu Dhabi, United Arab Emirates, specifically at Al Qurm - Business Park (also referred to as Khalifa Business Park). The QFC Branch was located in Doha, Qatar, within the Qatar Financial Centre, before its closure in 2019.

FAB maintains regional offices and branches across multiple continents as part of its international network.

Question 5

Where does First Abu Dhabi Bank (FAB) operate?

Accepted Answer

While the parent institution operates globally, the QFC Branch specifically operated within the Qatar Financial Centre in Doha, Qatar. The QFC is an onshore business and financial centre established by Law No. 7 of 2005, offering its own legal, regulatory, tax, and business environment separate from mainland Qatar.

The QFC allows up to 100% foreign ownership, 100% repatriation of profits, and charges a 10% corporate tax on locally-sourced profits. During its operation, the FAB QFC Branch served both existing customers within this specialized financial zone and was authorized to conduct regulated activities until the regulatory restrictions were imposed in 2019.

Question 6

What services does First Abu Dhabi Bank (FAB) offer?

Accepted Answer

Before its closure, the FAB QFC Branch offered regulated financial services including deposit taking, providing credit facilities, arranging deals in investments, arranging credit facilities, and advising on investments. These services were provided to corporate and institutional clients within the Qatar Financial Centre framework.

The parent bank FAB offers a comprehensive suite of services including retail banking, corporate and investment banking, commercial banking, wealth management, Islamic banking (FAB Islamic), private banking, and securities services. Digital services include multiple online banking platforms such as Personal Online Banking, FAB Business Portal, and various corporate banking channels.

Question 7

What makes First Abu Dhabi Bank (FAB) unique?

Accepted Answer

FAB was created through one of the largest banking mergers in the Middle East, combining the consumer banking strengths of First Gulf Bank with the wholesale banking and capital markets expertise of National Bank of Abu Dhabi. The merger created a well-balanced universal bank serving as a strategic banking partner to the UAE government and its agencies.

FAB has been ranked by Global Finance as the safest bank in the UAE and the Middle East. The Banker's Top 1000 World Banks list ranked FAB as number one in the UAE, second in the Middle East, and 85th globally by Tier 1 capital.

The QFC Branch specifically operated under the Qatar Financial Centre's English common law-based legal framework, distinct from the mainland Qatar legal system, until its regulatory closure in 2019.

Question 8

What type of financial institution is First Abu Dhabi Bank (FAB)?

Accepted Answer

First Abu Dhabi Bank is a universal bank, offering a full range of retail, commercial, corporate, and investment banking services. The QFC Branch specifically operated as a foreign bank branch within Qatar's specialized financial free zone.

In the context of the Qatar Financial Centre, the branch was classified as an "Authorised Firm" conducting "Regulated Activities" under the QFC Financial Services Regulations. These regulated activities required authorization and supervision by the QFC Regulatory Authority until the supervisory restrictions were imposed in March 2019.

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