Wednesday 29/October/2025 – 11:10 AM
The Egyptian Stock Exchange announced the suspension of trading in the shares of Beltone Holding Company, a subsidiary of the UAE-based Chimera Group, as of today’s trading session, Wednesday, October 29, 2025.
After the First Abu Dhabi Bank incident, the stock exchange stopped trading in Beltone Holding Company shares
The Central Bank of Egypt decided to impose a large fine of one billion pounds, equivalent to $21 million, on First Abu Dhabi Bank Egypt, for violating the issuance of credit facilities to Beltone Holding Company, affiliated with the UAE Chimera Group, which were used for a purpose other than those intended for them. This also prompted the Central Bank to dismiss the head of the risk sector at the Emirati bank’s unit in Egypt, in addition to the financial fine, which is considered the largest in the history of the banking system, according to Al Sharq Bloomberg.
According to what sources reported to Al Sharq Bloomberg, the violations also affected a number of smaller banks than First Abu Dhabi Bank, with smaller fines, indicating that the Central Bank dismissed the head of the risk sector at the bank, which may prompt the departure of other leaders during the coming period.
While First Abu Dhabi Bank Egypt confirmed that it adheres to all laws and regulations issued by the Central Bank of Egypt, and cooperates with regulatory authorities to ensure compliance with the highest standards of governance and oversight. The bank is also keen to protect the privacy of its customers, adhere to banking secrecy policies, and does not comment on any transactions or issues related to its customers.
First Abu Dhabi Egypt, a subsidiary of the First Abu Dhabi Bank Group, is considered the third largest foreign bank operating in the Egyptian market, after its acquisition of “Bank Audi Egypt”, and the number of its branches reaches 72 branches distributed throughout the Republic, according to its website.
Regarding the dismissal of the head of the risk sector, the bank considered that the step comes within the framework of its keenness to enhance its operational efficiency and support its strategy for sustainable growth in human resources management, as the bank continues to develop its departmental structure with the aim of improving the quality of services provided to its clients and partners.
