First Abu Dhabi Bank Mulls Acquiring Bank Audi’s Egypt Unit

SourceAl Bawaba
SectorFinancial Services
CountryUnited Arab Emirates

First Abu Dhabi Bank (FAB), the UAE's largest lender by assets, may restart talks to acquire the Egyptian business of Lebanese Bank Audi in a deal estimated at around $700 million. FAB will have an internal meeting this week to decide on a way to resume negotiations and put in a final bid, Reuters said quoting reliable sources. A second source was quoted as saying that FAB planned to restart negotiations within two weeks. While FAB declined to comment, a spokesperson for Bank Audi said it had not been contacted by FAB regarding the matter. The proposed resumption of the acquisition talks would come more than three months after the initial round of discussions were put on hold in May by the two sides citing difficult market conditions triggered by the Covid-19 pandemic. "This is more...