Backed by Abu Dhabi's ruling family, UAE's $406 billion banking giant targets South Africa after 10-year court battle

First Abu Dhabi Bank (FAB), the United Arab Emirates' largest lender with more than $400 billion in assets, has moved a step closer to entering South Africa after ending a decade-long trademark dispute that had stalled its expansion into Africa's biggest banking market.

First Abu Dhabi Bank (FAB), the United Arab Emirates' largest lender with approximately $406 billion (R6.6 trillion) in assets, is moving closer to establishing a presence in South Africa after ending a decade-long trademark dispute that had delayed its expansion into Africa's biggest banking market.

Headquartered in Abu Dhabi, FAB is one of the world's largest financial institutions. Formed through the 2017 merger of National Bank of Abu Dhabi and First Gulf Bank, the lender operates across five continents, offering services spanning corporate and investment banking, consumer finance, wealth management, Islamic banking, payments and real estate finance.

The bank, which is majority owned by Abu Dhabi's sovereign wealth fund, Mubadala Investment, with a 37.9% stake, confirmed it intends to apply for a South African banking licence after the country's Supreme Court of Appeal ruled in its favor in a legal battle with FirstRand, bringing to an end a dispute that lasted nearly 10 years.