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FAB resumes talks to acquire Bank Audi Egypt

FAB resumes talks to acquire Bank Audi Egypt

ArabFinance: First Abu Dhabi Bank (FAB) resumed exclusive discussions with the Lebanese Bank Audi to acquire the latter’s assets in Egypt, the UAE bank said in an October disclosure to Abu Dhabi Securities Exchange (ADX).

The negotiations are subject to “a confirmatory due diligence exercise, definitive transaction agreements, and the necessary regulatory approvals,” FAB stated.

The ADX-listed bank confirmed that the potential acquisition of Bank Audi Egypt comes in line with FAB’s long-term growth strategy and expansion plans in certain markets.

Last September, FAB stressed that any developments on the takeover of the Egyptian assets would be revealed through an ADX disclosure.

This announcement came after Reuters had said that FAB resumed its negotiations on the potential acquisition deal.

The Emirati financial institution reportedly put the talks on hold last May due to difficult market conditions.

FAB’s discussions to purchase Bank Audi Egypt had been at an early stage as reported in the beginning of the year, when the UAE entity said it would decide whether to buy the assets during the second quarter of 2020.

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