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FAB completes share transfer process to acquire Bank Audi Egypt

FAB completes share transfer process to acquire Bank Audi Egypt
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Mubasher: First Abu Dhabi Bank (FAB) has completed the share transfer process to acquire 100% of the share capital of Bank Audi Egypt after receiving all necessary regulatory approvals.

FAB will start integrating the assets and operations of Bank Audi Egypt and FAB Egypt, which is expected to be completed in 2022, according to the bank’s recent disclosure to the Abu Dhabi Securities Exchange (ADX).

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

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

Noteworthy to mention, in late April, FAB started the share transfer process to acquire Bank Audi Egypt to become one of Egypt’s largest foreign banks by assets with pro-forma total assets of over EGP 130 billion as of 31 December 2020.