Cairo – Mubasher: First Abu Dhabi Bank (FAB) signed an agreement to acquire 100% of Bank Audi Egypt, according to a statement on Wednesday.  

The deal follows the completion of the due diligence process conducted on the operations of Bank Audi Egypt as per the applicable regulations after obtaining the initial approval from the Central Bank of Egypt (CBE).

The acquisition is expected to be complete within the coming few months upon completion of several conditions precedent, including the receipt of final approvals from the bank, the two central banks, and regulatory entities in the UAE and Egypt.

The deal will help increase the volume of FAB’s operations in Egypt with a value of assets exceeding EGP 120 million ($8.1 billion) upon consolidation.

The value of assets held by Bank Audi Egypt reached EGP 83.2 billion ($5.3 billion) at the end of September 2020, while the value of shareholders’ equity amounted to EGP 7.6 billion ($479 million).

Bank Audi Egypt operates a total of 53 branches in the most populous Arab nation, while FAB has about 17 branches.