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FAB to restart talks on acquisition of Bank Audi’s Egypt unit

FAB to restart talks on acquisition of Bank Audi’s Egypt unit

ArabFinance: First Abu Dhabi Bank (FAB) plans to resume negotiations to acquire the assets of Bank Audi’s Egypt unit, sources familiar with the matter told Reuters on September 6th.

The bank's executives will meet this week to decide how to re-enter the talks and "put in a final bid," the sources added in a statement to the news agency.

A second source elucidated that the bank is expected to restart the talks in two weeks.

In May, the UAE bank put off discussions to buy the Egyptian assets of Lebanon’s Bank Audi due to difficult market conditions.

The timing of the $700 million (EGP 11.067 billion) deal was not right due to the need to support the UAE economy amid COVID-19, one of the sources told Reuters back then.

 

*At press time, the conversion rate is $1= EGP 15.81

 

 

 

 

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