UPDATE 1- #UAE's FAB to decide on Bank Audi's Egypt business acquisition in Q2 - Reuters

UPDATE 1-UAE's FAB to decide on Bank Audi's Egypt business acquisition in Q2 - Reuters:

First Abu Dhabi Bank expects to decide in the second quarter whether it will buy Bank Audi’s Egyptian business, a senior executive said on Monday, as it eyes expansion in the Arab world’s most populous nation.

FAB, which is the biggest lender in the United Arab Emirates, has identified Saudi Arabia and Egypt as two key markets for overseas expansion, its chief financial officer, James Burdett, told reporters.

“We’re interested in growing mainly in KSA (Kingdom of Saudi Arabia) and in Egypt - both being franchise markets, both have a very close relationship with the UAE, both have very big GDPs and we believe there are good opportunities there,” he said.

Karim Karoui, group head of subsidiaries, strategy & transformation, told reporters that a decision will be made after FAB completes due-diligence on Bank Audi Egypt, a subsidiary of Lebanon’s Bank Audi. Reuters reported last month, citing sources, that FAB was in talks to potentially acquire the business.