First #AbuDhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources - Reuters

First Abu Dhabi Bank puts talks to acquire Bank Audi's Egyptian business on hold: sources - Reuters:

First Abu Dhabi Bank (FAB.AD) (FAB) has put on hold discussions to acquire the Egyptian assets of Lebanon’s Bank Audi (AUDI.BY) due to difficult market conditions, two sources told Reuters.

FAB, the United Arab Emirates’ biggest lender, communicated the request a few days ago to Bank Audi, sources with direct knowledge of the matter told Reuters, declining to be identified due to commercial sensitivities.

Neither FAB nor Bank Audi were immediately available to comment. FAB said in February it would decide on the deal in the second quarter. 


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.