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FAB confirms talks to acquire Bank Audi’s branch in Egypt

FAB confirms talks to acquire Bank Audi’s branch in Egypt
Acquiring Bank Audi’s unit in Egypt requires regulatory approvals
FAB
NBAD
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Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has confirmed that it held exclusive discussions with Lebanese Bank Audi to acquire its fully owned subsidiary in Egypt (Bank Audi-Egypt).

However, FAB has not announced any valuations regarding the acquisition, according to the bank’s statement to Abu Dhabi Securities Exchange (ADX).

The Emirati bank further remarked that acquiring Bank Audi’s unit in Egypt requires regulatory approvals; hence, the discussions do not assure the completion of the agreement.

Noteworthy to mention, on Wednesday, 22 January, Reuters reported that FAB held talks to acquire Bank Audi’s branch in Egypt.

It is worth noting that in mid-December, the Emirati bank opened a new branch in Jeddah as part of its plan to pursue growth opportunities.