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)
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