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FAB halts talks to acquire Bank Audi's Egyptian business

FAB halts talks to acquire Bank Audi's Egyptian business

ArabFinance: First Abu Dhabi Bank (FAB) put off discussions to buy the Egyptian assets of Lebanon’s Bank Audi due to difficult market conditions, two sources told Reuters.

FAB submitted the request a few days ago to Bank Audi, sources with direct knowledge of the matter told the news agency.

The UAE lender said in February it would decide on the deal in the second quarter. 

The timing of the $700 million (EGP 11.053 billion) deal was not right due to the need to support the UAE economy amid COVID-19, one of the sources noted.

In February, FAB said it is in talks to potentially acquire Bank Audi, two sources familiar with the matter told Reuters back then.

 

*At press time, the conversion rate is $1= EGP 15.78

 

 

 

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