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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.

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