Abu Dhabi: After careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank (FAB) has decided to withdraw its non-binding offer submitted on 9 February 2022, for a potential cash acquisition of a majority stake in EGX-listed financial services institution, EFG Hermes Holding S.A.E.

Egypt remains a strategically important market for FAB, where the bank will continue to support its customers and employees and continue to invest in the growth of its well-established partnerships and operations in Egypt.

About First Abu Dhabi Bank (FAB):

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

With total assets of over AED 1 Trillion (USD 272 Billion) as of December-end 2021, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been    ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #94 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com, or https://www.growstronger.com/ Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.

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