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Thursday, 16 January 2020

Bank Audi in talks with investors over sale of Egypt unit

M&A WATCH- Bank Audi remains in Egypt — for now: Bank Audi has not officially filed a request to exit the Egyptian market but is in discussions with several parties on a potential sale of its Egypt unit to secure funding for its main office in Lebanon, Al Mal reported, citing an official statement from the bank. Press reports on Monday claimed that Bank Audi was looking to shut up shop due to the ongoing economic crisis in Lebanon. CFO Tamer Ghazaleh told Reuters on Tuesday that the bank would consider a sale if it receives a suitable offer, confirming that investors had shown significant interest in its Egypt operations.

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