Back to the complete issue
Tuesday, 18 August 2020

Bank Audi denies reports of resumed acquisition talks with FAB

M&A WATCH- Bank Audi has not resumed talks with suitors interested in its Egypt assets since its shelved negotiations with First Abu Dhabi Bank (FAB) in May, CEO and Managing Director Mohamed Bedeir said, according to Al Masry Al Youm. The local press had suggested earlier this week that the Lebanese bank — which is looking to exit Egypt amid the financial crisis gripping Lebanon — could revive acquisition talks with FAB once the coronavirus pandemic subsides. The talks had come to a standstill earlier this year as FAB shifted its priorities towards supporting the UAE economy through the 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; 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.