Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.