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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.

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