Mubasher: First Abu Dhabi Bank (FAB) has started the share transfer process to acquire 100% of the share capital of Bank Audi Egypt, the subsidiary of Lebanon-based Bank Audi, after receiving the necessary regulatory approvals.

Following the completion of the project, FAB will integrate the assets and operations of Bank Audi Egypt and FAB Egypt, which is expected to be finalised in 2022, according to a press release on Wednesday.

This transaction will enable FAB to become one of Egypt’s largest foreign banks by assets with pro-forma total assets of over EGP 130 billion ($8.5 billion) as of 31 December 2020.

FAB Egypt’s CEO, Mohamed Abbas Fayed, was selected to be the Country CEO of the combined entity.

FAB and UBS AG of the London branch acted as financial advisers in the transaction, while Freshfields Bruckhaus Deringer and Matouk Bassiouny & Hennawy acted as legal advisers to FAB.

Meanwhile, EFG Hermes was the sole financial adviser, while Dechert LLP and Zulficar and Partners acted as legal advisers to Bank Audi on the transaction.

Noteworthy to mention, Fayed has previously announced that FAB is expected to complete the acquisition of Bank Audi Egypt before the end of 2021.