Financial and Banking News


FAB Buys Pharaon Banks First American

Bankshares (FAb), an Arab-owned bank holding company with a network of banks in Washington DC, New York, Maryland, Tennessee and Virginia, has been granted approval by the US Federal Reserve Board to purchase a bank holding company owned by the prominent Saudi entrepreneur, Mr. Gaith Pharaon. FAB is paying $200mn for NBG Corporation, which owns the National Bank of Georgia and two Florida affiliates, NBG...