FAB to buy Egyptian business of Lebanon’s Bank Audi

FAB to buy Egyptian business of Lebanon’s Bank Audi

First Abu Dhabi Bank has agreed to buy the Egyptian business of Lebanon's Bank Audi in a deal which will make the largest lender in the UAE also one of the biggest foreign banks in Egypt.FAB's first international acquisition will increase its Egyptian business to more than $8 billion in assets, while the sale proceeds will help Bank Audi's capitalisation and financial resilience, the banks said in a joint statement on Wednesday.“Transaction is expected to be completed within the next few months, subject to regulatory approvals by the UAE and Egyptian authorities,” the joint statement said, adding that FAB Egypt will be one of the largest foreign banks in Egypt by total assets once the acquisition is completed.André Sayegh, group chief executive officer at FAB, said his bank has a long history in Egypt, having opened its first branch in the country more than 45 years ago.“FAB's first international acquisition accelerates the group's expansion in a high potential market, with the addition of Bank Audi (Egypt)'s operations offering the scale, expertise and financial strength to support our growth journey and sustainable returns.He said FAB is committed to supporting customers in Egypt across a full range of retail and corporate banking