Back to the complete issue
Monday, 27 January 2020

First Abu Dhabi Bank wants to start formal evaluation of Bank Audi’s Egypt arm

M&A WATCH- FAB wants to start formal evaluation of Bank Audi’s Egypt arm: First Abu Dhabi Bank (FAB) has sent a request to the Central Bank of Egypt (CBE) to begin a formal evaluation of Bank Audi as FAB moves closer to acquiring the Lebanese bank’s Egypt unit, CBE Deputy Governor Gamal Negm tells Hapi Journal. Bank Audi has given the all-clear, and the CBE’s board of directors will look into the request at its next meeting, Negm says.

Bank Audi has tapped EFG Hermes as its financial advisor for the transaction, reports Al Mal.

First Abu Dhabi began courting the bank last week when several potential buyers entered talks with Bank Audi to acquire its operations in Egypt amid the ongoing banking crisis in Lebanon. Audi had initially shut down reports that it was looking to exit Egypt, but CFO Tamer Ghazaleh later confirmed that the bank was considering pulling out of the country due to financial pressure in Lebanon.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.