First Abu Dhabi Bank (FAB) , the UAE’s biggest lender, has withdrawn its offer to buy a controlling stake in Egyptian investment bank EFG Hermes, the bank said in a statement on Thursday, reports say.
“After careful consideration and in the context of ongoing global market uncertainty and volatile macroeconomic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer submitted on 9 February 2022,” FAB said in a statement.
The lender in February made a non-binding offer to buy at least 51% of EFG Hermes for 19 Egyptian pounds ($1.21) per share, valuing Egypt’s biggest investment bank at nearly $1.2 billion.
The deal with EFG Hermes would have given the UAE’s biggest lender access to the Egyptian investment bank’s strong franchise in the Middle East and North Africa region, Reuters reports.
First Abu Dhabi Bank scraps acquisition plans of Egypt’s EFG Hermes
