First Abu Dhabi Bank in talks to acquire Bank Audi’s Egypt subsidiary – The National

First Abu Dhabi Bank in talks to acquire Bank Audi’s Egypt subsidiary – The National

First Abu Dhabi Bank in talks to acquire Bank Audi's Egypt subsidiary. Lender said that a working group has been formed to assess the potential acquisition. First Abu Dhabi Bank, the UAE's largest lender by assets, confirmed on Thursday that it is in discussions with Bank Audi to acquire its fully-owned subsidiary in Egypt.. "A working group has been formed to assess the potential acquisition," First Abu Dhabi Bank said in a statement to the Abu Dhabi stock market, where its shares trade.. Bank Audi Egypt has 50 branches with total assets of $4.4 billion (Dh16.1bn) at the end of September, Bank Audi's chief financial officer Tamer Ghazaleh told Reuters.. Bank Audi Egypt reported a 6.5 per cent rise in net profit in the third quarter, largely due to an increase in net interest income and gains from financial investments.. Net interest income during the period jumped to 2.1bn pounds from 1.74bn pounds during the previous year.. First Abu Dhabi Bank reported a 3 per_cent year-on-year rise in its third quarter net profit on higher operating income.. Net income for the three-month period to the end of September rose to Dh3.11bn while operating income climbed 5 per cent year-on-year at