First Abu Dhabi Bank resumes exclusive talks to buy Bank Audi Egypt

"These discussions are subject to a confirmatory due diligence exercise, definitive transaction agreements and the necessary regulatory approvals," FAB said in a statement

  
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

DUBAI- First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, has resumed exclusive talks with Lebanon's Bank Audi to acquire its Egyptian business, FAB said on Wednesday.

"These discussions are subject to a confirmatory due diligence exercise, definitive transaction agreements and the necessary regulatory approvals," FAB said in a statement.

Sources told Reuters last month that FAB planned to restart talks to buy Bank Audi Egypt after they were put on hold in May because of the COVID-19 pandemic.

(Reporting by Yousef Saba Editing by David Goodman ) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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