First Abu Dhabi Bank in talks to buy Egyptian unit of Lebanon's Bank Audi: sources - Reuters:
United Arab Emirates’(UAE) largest lender First Abu Dhabi Bank (FAB) FAB.AD is in talks to potentially acquire the Egyptian subsidiary of Lebanon’s Bank Audi,(AUDI.BY) two sources familiar with the matter told Reuters.
Discussions are at an early stage, the sources said, speaking on conditions of anonymity because the matter is not public.
FAB and Bank Audi did not immediately respond to requests for comment.
Bank Audi Egypt has grown from a three-branch operation acquired by Bank Audi in 2005 to 50 branches with total assets of $4.4 billion at the end of September, Bank Audi’s Chief Financial Officer Tamer Ghazaleh said last week, when he told Reuters the bank was considering selling the unit.
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