How to open an account with First Abu Dhabi Bank (FAB)

With the help of an account in the bank of the United Arab Emirates, you can expand opportunities not only for personal purposes, but also for your business. There are many options – from making international transfers, paying for partner services to storing capital in one of the safest jurisdictions.

FAB Bank in UAE is considered one of the largest. Most companies continue to collect documents for opening an account in it, despite the fact that it is not easy to pass KYC. Consider all the subtleties of this process.

Bank history

The financial organization started its work in April 2017, when the merger of FGB and NBAD took place. The largest shareholder is the state–owned company Mubadala (37%). After her, 15.3% of the shares belong to the Abu Dhabi dynasty.

There are 73 branches and 499 ATMs in the banking network. Three years ago, the assets of the financial institution amounted to 919 billion dirhams, 387 billion of which went to loans, 228 billion to cash and balance sheets, 132 billion to investments.

Now, within the framework of the FAB policy, there is a program whose main goal is to expand the regional presence and open representative offices in various countries. This project allows us to strengthen the customer service model and support sales in the main MENA markets, as well as global ones.

Thanks to its high-class offers, the institution tries to satisfy the banking interest of customers from all over the world. Moreover, the market-leading franchises in the field of corporate and investment banking, as well as personal banking services, help in this.

What does FAB offer its customers?

The bank’s clients can use various services – from corporate to investment. The international financial network includes office facilities in 19 or more countries around the world. Thanks to the activities of the organization, it is possible to ensure strong global relations, as well as to support local and regional enterprises that do business in the country and abroad. 

FAB regularly invests in technology to create new or improve banking services for its customers. Also, for the latter, he initiates a movement outside of banking – Grow Stronger or “become stronger”. It consists in the fact that the bank has promised to support interested parties. The movement presents ideas with tools and experience that could help clients strengthen their position in the market.

As part of its activities, the organization offers certain financial services. We are talking about:

• trading operations;
• securities portfolio management;
• trust management;
• financial consulting;
• performing operations with immovable objects;
• using preferred investment funds;
• custodial services;
• a service for brokers who work with securities;
• purchase of highly structured products.

FAB is different from other companies:

• safety and security of warehouses;
• professional service;
• low interest rates.

Account opening procedure

For residents

To open an account, you will need to go through certain stages. In general, they depend on who the accounts will be opened for. If we are talking about a resident of the Emirates, then the steps are as follows:

1. First of all, you need to contact the staff with an application to open an account. You can do this by e-mail by sending an online registration form. When filling out the application form for opening an account, make sure that all the information you provide is accurate and up-to-date.
2. Pay for services.
3. Communicate with a bank employee by phone to clarify all the details.
4. Make the necessary list of documents.

For non-residents

If we are talking about a non-resident, then the process becomes a little more complicated:

1. First you need to open a company on the territory of the United Arab Emirates.
2. Get residency for all founders.
3. Collect the necessary documents.
4. Sign the necessary forms.
5. Wait for the account to be opened. At this stage, additional questions may be received from the bank, which will have to be answered.

How long does it take to open an account in the UAE FAB Bank

On average, the whole process will take up to two to six weeks. The terms are directly related to the selected type of account, as well as to the person to whom it will be opened.

Today, the financial institution continues to grow and develop. Thanks to such a fruitful basis for financial activity, it is possible to attract more and more customers, which means that opening an account is the best solution.