EFG Hermes completes advisory on sale of 100% of Bank Audi S.A.E to First Abu Dhabi Bank

EFG Hermes completes advisory on sale of 100% of Bank Audi S.A.E to First Abu Dhabi Bank

The deal marks the ninth transaction by EFG Hermes' investment banking division in 2021 and is a continuation of the team's longest streak of deals in a single year, which reached an all-time high of 24 transactions in 2020 worth an aggregate value of $1.7 billion

EFG Hermes, the leading financial services corporation in frontier emerging markets (FEMs), announced today that its investment banking team has successfully completed advisory to Bank Audi S.A.L (Bank Audi) on its sale of 100 percent of the share capital of its Egypt-based subsidiary, Bank Audi S.A.E, to First Abu Dhabi Bank (FAB), following the receipt of the necessary regulatory approvals. 

The acquisition will see FAB consolidate Bank Audi S.A.E’s total assets of EGP 85.6 billion ($5.5 billion) as of December 2020 and its well-established retail and corporate banking operations across a network of 53 branches. FAB has been operational in Egypt since 1975 and following the acquisition, it will be positioned as one of the largest foreign banks by assets in Egypt’s banking sector, with pro-forma total assets of more than EGP 130 billion as of December 2020.

"We are very pleased to have taken a vital role in supporting Bank Audi in the sale process of