Abu Dhabi bank withdraws offer to buy Egypt’s EFG Hermes

Abu Dhabi bank withdraws offer to buy Egypt’s EFG Hermes

First Abu Dhabi Bank (FAB) today withdrew its offer to buy the Egyptian investment bank EFG Hermes. 

FAB said in a press release that the decision followed consideration of the "context of ongoing global market uncertainty and volatile macro-economic conditions.” 

The release added, “Egypt remains a strategically important market for FAB, where the bank will continue to support its customers and employees and continue to invest in the growth of its well-established partnerships and operations in Egypt.”