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Tuesday, 19 May 2020

FAB, Bank Audi confirm pause on acquisition talks

M&A WATCH- FAB, Bank Audi confirm acquisition talks are on ice: Bank Audi and First Bank of Abu Dhabi (FAB) yesterday confirmed (pdf) earlier reports that FAB’s acquisition of Bank Audi’s Egypt unit would be put on hold because of the coronavirus. The bank said it had agreed with Bank Audi to pause negotiations due to the “unprecedented circumstances and the uncertain outlook” caused by the pandemic. “The two banks have held productive discussions over the past few weeks, with significant progress made on many points,” FAB said, noting that the decision to halt talks is in the best interests of its shareholders, customers and employees.

Background: This came a day after unnamed sources quoted by Reuters said that the Emirati bank was ending talks to prioritize supporting the UAE economy through the pandemic.

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