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FAB expects to complete acquisition of Bank Audi Egypt by 2021-end

FAB expects to complete acquisition of Bank Audi Egypt by 2021-end
The deal will raise the bank’s market share to 4-5%
FAB
NBAD
-0.27% 14.54 -0.04
Bank Audi
AUDI
0.00% 6.50 0.00

By: Abdullah Bedeir

Cairo – Mubasher: First Abu Dhabi Bank (FAB) is expected to complete its acquisition of Bank Audi Egypt before the end of 2021, pending the approval of the Central Bank of Egypt (CBE), FAB Egypt’s CEO Mohamed Fayed said.

On the sidelines of signing a mortgage agreement with IMKAN Misr on Monday, Fayed told reporters that the bank’s market share will increase to 4-5% from 1.5% upon completion of the acquisition.  

The acquisition will help FAB achieve its expansion plans as Bank Audi has 52 branches in Egypt and serves more than 150,000 customers.

On a side note, he said that the bank injected EGP 250-300 million in mortgage funding for finished units with a repayment period of up to 15 years. 

In January, FAB signed an agreement to acquire 100% of Bank Audi Egypt, following the completion of the due diligence process conducted on the operations of Bank Audi Egypt as per the applicable regulations after obtaining an initial approval from the CBE.