First Abu Dhabi Bank acquires 100% of Bank Audi Egypt’s share capital

First Abu Dhabi Bank acquires 100% of Bank Audi Egypt’s share capital

Bank Audi and First Abu Dhabi Bank (FAB) have agreed for the latter to acquire 100 per cent of the share capital of Bank Audi sae, the former's subsidiary in Egypt.

The acquisition was confirmed via a definitive agreement that followed a due diligence exercise conducted by FAB on Bank Audi Egypt after obtaining the preliminary approval of the Central Bank of Egypt. The transaction is expected to be concluded within the next few months, following the completion of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.

The proceeds will help strengthen Bank Audi group's capitalisation and financial resilience. Meanwhile, it will scale FAB's operations in Egypt, making it one of the country's largest foreign banks by assets with total assets exceeding EGP120bn ($8.1bn).

André Sayegh, group chief executive officer, FAB, said: "FAB 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.

"FAB is committed to supporting customers in Egypt across a