Abu Dhabi sovereign wealth fund Mubadala, chaired by Sheikh Mansour bin Zayed Al Nahyan, plans to establish a banking presence in South Africa through its financial services giant, First Abu Dhabi Bank (FAB).
- Mubadala owns a 37.9% stake in FAB, while the Abu Dhabi ruling family holds a 15.8% stake in the bank.
- FAB is listed on the Abu Dhabi Stock Exchange and has a market capitalization larger than that of FirstRand, Nedbank, Standard Bank, and Absa combined.
- FAB has $302 billion in assets, according to the S&P Global Market Intelligence’s world top 100 largest banks 2023 report.
- FAB’s intentions to operate in South Africa were revealed in a trademark dispute with FirstRand, the country’s biggest bank.
- While FAB has not yet applied for a banking license in South Africa, it has shown interest in expanding internationally, including a potential acquisition of Standard Chartered bank.
- Lars Kramer, a South African-born banker, has been appointed as FAB’s CFO, responsible for overseeing financial activities.