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Monday, 11 May 2020

FAB completes due diligence on Bank Audi Egypt acquisition, now finalizing its offer

M&A WATCH- FAB completes due diligence on Bank Audi Egypt: First Abu Dhabi Bank (FAB) has completed due diligence on Bank Audi’s Egypt arm and now finalizing its offer, a banking official with knowledge of the matter told Al Shorouk. FAB has persevered with the acquisition process despite the covid-19 outbreak after receiving the greenlight from the Central Bank of Egypt in January. A senior executive said in February that the bank will make a final decision on whether to proceed with the acquisition after completing due diligence.

Advisors: Lebanon’s Bank Audi appointed EFG Hermes as a financial advisor for the transaction, while FAB has tapped UBS.

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