FAB signed an agreement with Societe Generale de Banque – Jordanie (SGBD) to sell its NBAD Jordan operations to SGBD, including the transfer of employees and relevant suppliers’ contracts. The approval from the Central Bank of Jordan for the sale was received on 10 July 2018. FAB’s Jordan operations are likely to be small and this sale should not have a material impact on the bank. In 2017, FAB recorded 4% of its group profit and 2% of its assets from its Middle East and Africa segment. FAB, in its results calls, has talked about exiting its low profitability overseas operations, and this move appears to be in line with this goal.
 
First Abu Dhabi Bank: AED12.55 as of 12 Jul. 2018, Rating: Buy, TP: AED12.30/share, MCap: USD37,267mn, FAB UH/FAB.AD
Shabbir Malik