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Thursday, 2 April 2020

First Abu Dhabi Bank pushes ahead with Bank Audi Egypt acquisition

M&A WATCH- First Abu Dhabi Bank pushes ahead with Bank Audi Egypt acquisition: First Abu Dhabi Bank (FAB) is proceeding with its attempt to acquire Bank Audi’s Egypt arm undeterred by the economic upheaval caused by the covid-19 pandemic, Al Mal reports, citing an unnamed source with knowledge of the matter. The Emirati bank is continuing due diligence, having received the greenlight from the Central Bank of Egypt in February. A senior executive said in February that the bank will make a final decision about whether to go ahead with the acquisition in the second quarter.

Background: Bank Audi was reportedly in talks with three banks to sell its unit in Egypt to exit the country amid the ongoing banking crisis in Lebanon. This came just a few months after the Lebanese bank looked close to acquiring the National Bank of Greece’s (NBG) Egypt arm.

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