South Africa's banking giants have a new challenger, and it is a large one. First Abu Dhabi Bank, the biggest lender in the United Arab Emirates, has won a Supreme Court of Appeal ruling that clears it to register its trademarks in South Africa. More striking still, the bank told the court it intends to apply for a South African banking licence once those trademarks are secured.
A fight over a name
The case, handed down on 7 July, was really a battle over branding. FirstRand, which owns FNB, had challenged the Gulf lender's trademark applications, arguing the First Abu Dhabi Bank name was too close to its own and that the bank had no genuine intention of using it because it held no local banking licence. Writing for the majority, Judge Makgoka disagreed, finding no reason to doubt the bank would meet all the legal requirements to operate here, including applying for a licence from the Registrar of Banks, and that it would then use the marks and expand into the country. The bank had told the court it was simply being prudent, securing its trademarks first rather than putting the cart before the horse.
A heavyweight with deep pockets
This is no minor player. First Abu Dhabi Bank holds around R6.6 trillion ($406bn) in assets, more than Standard Bank and FirstRand combined. Formed from a 2017 merger of National Bank of Abu Dhabi and First Gulf Bank, it is majority-owned by Abu Dhabi's sovereign wealth fund Mubadala and members of the emirate's ruling family, and is chaired by Sheikh Tahnoon bin Zayed Al Nahyan. It already operates under the same branding across five continents. The dispute itself dates back years, first reported in 2024, and the bank has stayed notably tight-lipped about its South African plans.
The timing is pointed. Global banks like HSBC and BNP Paribas have recently retreated from South Africa, with HSBC selling its local business to FirstRand on the way out. Now a far larger rival is signalling it wants in, just as Gulf capital flows into Africa at pace. The bank still needs its licence, but South Africa's banking establishment has been put on notice.
