ArabFinance: First Abu Dhabi Bank (FAB) withdrew its non-binding offer to acquire a controlling stake in EFG Hermes Holding (HRHO), according to a filing to the Egyptian Exchange (EGX) on Thursday.

The bank’s decision came after careful evaluation of uncertainty of global markets and volatility of macroeconomic conditions.

In February, EFG Hermes received a non-binding offer from FAB for a potential cash acquisition of not less than 51% of the company’s issued shares at an indicative purchase price of EGP 19 per share.

Founded in 2017, the UAE-based FAB is one of the largest financial institutions in the world, offering an extensive range of solutions and products.

EFG Hermes is an EGX-listed company that has presence in 13 countries, including the UAE, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan.