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Monday, 17 August 2020

FAB, Bank Audi Egypt’s acquisition talks to resume soon -sources

M&A WATCH- FAB’s acquisition of Bank Audi’s Egypt operations may not be dead. Negotiations that could see First Bank of Abu Dhabi (FAB) acquire Bank Audi’s Egypt arm are expected to resume soon as the covid-19 pandemic has subsided, Masrawy reports, citing banking sources with ties to the transaction. Talks stalled in May due to the uncertain outlook earlier during the covid-19 pandemic.

Audi isn’t the only Lebanese bank that may be exiting Egypt stage left: Blom Bank also said last week it’s looking to sell its Egypt assets amid the financial crisis gripping Lebanon. With the LBP in freefall, soaring inflation and a paralyzed financial system, banks are racing to boost their capital after the Lebanese central bank raised capital requirements in a bid to shore up the banking sector.

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