First Abu Dhabi Bank stops potential acquisition of Bank Audi's Egyptian business: statement

The bank said the decision was in the best interests of its shareholders, customers and employees

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

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

First Abu Dhabi Bank / Handout via Zawya

DUBAI: First Abu Dhabi Bank (FAB) said on Monday it mutually agreed with Lebanon's Bank Audi to stop the potential acquisition of its Egypt business, according to a statement.

FAB, which is Abu Dhabi's biggest lender, said the decision was made as a result of "the unprecedented circumstances and the uncertain outlook relating to the COVID-19 pandemic," the statement said late on Monday.

The bank also said the decision was in the best interests of its shareholders, customers and employees.

(Reporting by Hadeel Al Sayegh Editing by Chris Reese) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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