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Wednesday, 20 May 2020

Bank Audi shelves exit plans indefinitely

M&A WATCH- Bank Audi will not be leaving Egypt anytime soon: Lebanon’s Bank Audi has postponed indefinitely its plans to exit Egypt after acquisition talks with First Abu Dhabi Bank (FAB) stalled earlier this week, Masrawy reported, quoting unnamed sources. Bank Audi had planned to leave Egypt in response to the recent banking crisis in Lebanon, but the knock-on effects of the covid-19 pandemic have forced it to abandon its plans, the sources said. FAB and Bank Audi agreed this week to pause negotiations that would have seen the former acquire the latter’s Egypt assets, citing “unprecedented circumstances and the uncertain outlook” caused by the covid-19 pandemic.

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