UAE's First Abu Dhabi Bank signs deal to acquire 100% of Bank Audi Egypt's share capital | ZAWYA MENA Edition
Bank Audi sal (Bank Audi) has signed a definitive agreement with First Abu Dhabi Bank (FAB) for the acquisition by FAB of 100 percent of the share capital of its Egyptian subsidiary, Bank Audi sae.
The transaction, expected to be completed within the next few months, is subject to regulatory approvals, the banks said in a joint statement Wednesday.
The statement didn’t disclose the value of the transaction.
This agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi sae (Egypt) after obtaining the preliminary approval of the Central Bank of Egypt.
Post-acquisition, FAB Egypt to be one of the largest foreign banks in Egypt by total assets with pro-forma total assets of more than 120 billion Egyptian pounds ($8.1 billion).
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