|23 January, 2020

First Abu Dhabi Bank in talks to acquire Bank Audi-Egypt

A working group has been formed to assess the potential acquisition

First Abu Dhabi Bank head office situated at Khalifa Business Park in Abu Dhabi. Image used for illustrative purpose.

First Abu Dhabi Bank head office situated at Khalifa Business Park in Abu Dhabi. Image used for illustrative purpose.

First Abu Dhabi Bank/ Handout via Thomson Reuters Zawya

First Abu Dhabi Bank (FAB) has entered exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt.

A working group has been formed to assess the potential acquisition, FAB said in a statement.

Currently, no valuations have been announced and there is no certainty that these discussions will result in a transaction, which is subject to regulatory approvals, the statement added.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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© ZAWYA 2020

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