First Abu Dhabi Bank, UAE’s largest bank, is set to acquire Bank Audi Egypt, a private financial institution in the North African country.
FAB Egypt CEO Mohamed Abbas Fayed broke the news to Al Mal News adding that the transaction is waiting for approval from the country’s central banks.
The Emirati lender last year in February said it was in talks to acquire the Lebanese financial institution based in the Arab republic. The potential transaction, then valued at $700 million, was later suspended in May last year owing to difficult market conditions caused by the pandemic.
First Abu Dhabi Bank to acquire Bank Audi Egypt by end of 2021
