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Bank Audi reveals details of FAB’s acquisition offer

Bank Audi reveals details of FAB’s acquisition offer
FAB’s offer is still under consideration
FAB
NBAD
0.96% 14.76 0.14

Cairo – Mubasher: Bank Audi on Thursday announced that it is in talks with some entities, including First Abu Dhabi Bank (FAB), for the sale of its unit in Egypt, according to a message sent to the Lebanese bank’s employees.

FAB’s offer is still under consideration and no final decision has been taken, Bank Audi said.

The Lebanese bank noted that any agreement will take Egyptian regulatory requirements into account and will be pending approval of competent regulatory bodies, on top of which the Central Bank of Egypt.

Earlier today, FAB confirmed that it held exclusive discussions with Lebanese Bank Audi to acquire its fully owned subsidiary in Egypt.