Back to the complete issue
Wednesday, 22 January 2020

Three banks interested in Bank Audi Egypt -sources

M&A WATCH- Three banks interested in Bank Audi Egypt: First Abu Dhabi Bank (FAB), the National Bank of Kuwait, and Emirates NBD have expressed interest in acquiring Bank Audi’s Egypt unit but have yet to make official bids, banking sources told Masrawy. Audi said last week that it was in talks with several potential buyers after press reports claimed that it was looking to exit the country due to the ongoing financial crisis in Lebanon. Bank CFO Tamer Ghazaleh confirmed that the bank was considering pulling out of the country due to financial pressures emanating from Lebanon. S&P Global downgraded the bank’s credit rating further into junk status in November amid a liquidity squeeze in the Lebanese banking sector.

Bank Audi had been looking to acquire the National Bank of Greece’s Egypt unit before the Lebanese crisis erupted. Last week’s news came just days after local press reported that the banks were making progress in the acquisition in spite of NBG’s employee pay dispute preventing them from obtaining CBE approval.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.