{"id":320653,"date":"2021-01-20T15:57:38","date_gmt":"2021-01-20T15:57:38","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=320653"},"modified":"2021-01-21T07:59:39","modified_gmt":"2021-01-21T07:59:39","slug":"first-abu-dhabi-bank-signs-definitive-deal-to-acquire-bank-audis-egyptian-unit","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/01\/20\/first-abu-dhabi-bank-signs-definitive-deal-to-acquire-bank-audis-egyptian-unit\/","title":{"rendered":"First Abu Dhabi Bank signs definitive deal to acquire Bank Audi\u2019s Egyptian unit"},"content":{"rendered":"

First Abu Dhabi Bank (FAB) has signed a definitive agreement for the acquisition of 100 percent share in Bank Audi\u2019s Egyptian subsidiary, the two banks announced in a joint statement<\/a> on Wednesday.<\/p>\n

This agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi Egypt after obtaining the preliminary approval of the Central Bank of Egypt (CBE).<\/p>\n

The transaction is expected to be completed within the next few months, following the satisfaction of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt, the statement said.<\/p>\n

Any further updates with regards to the completion of the transaction shall be provided in due course.<\/p>\n

\u201cFAB has a long history in Egypt, having opened its first branch in the country more than 45 years ago. FAB\u2019s first international acquisition accelerates the Group\u2019s expansion in a high potential market, with the addition of Bank Audi (Egypt)\u2019s operations offering the scale, expertise and financial strength to support our growth journey and sustainable returns.\u201d Andr\u00e9 Sayegh, CEO of FAB, said.<\/p>\n

\u201cFAB is committed to supporting customers in Egypt across a full range of retail and corporate banking needs, as well as serving as bridge for trade and investment flows across the MENA region and beyond.\u201d<\/p>\n

This acquisition will significantly increase the size and scale of FAB\u2019s operations in Egypt, making it one of the country\u2019s largest foreign banks by assets with pro-forma total assets of more than 120 billion Egyptian pounds ($8.1 billion). The proceeds of the sale will contribute to the enhancement of Bank Audi Group\u2019s capitalisation and financial resilience.<\/p>\n

\u201cThis transaction represents the best outcome for all our constituencies, in particular our customers and our employees in Egypt based upon the challenges we have been facing in Lebanon for the past 16 months.\u201d Samir Hanna, Chairman and Group CEO of Bank Audi, said.<\/p>\n

\u201cThis transaction also represents a strong vote of confidence in the effectiveness of the Group\u2019s governance and business model across the region.\u201d Hanna added.<\/p>\n

As of the end of September 2020, Bank Audi Egypt has grown from just a three-branch operation acquired by Bank Audi in 2005 to 53 branches with total assets of 83.2 billion Egyptian pounds ($5.3 billion) and shareholders’ equity of 7.6 billion pounds ($479 million).<\/p>\n

Its established Retail and Corporate Banking propositions, and network of nationwide branches, complement FAB\u2019s well-established operations in Egypt of 17 branches and a presence dating back to 1975.<\/p>\n

FAB and UBS AG (London Branch) have acted as financial advisers, while Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy acted as legal advisers to FAB on the transaction.<\/p>\n

EFG Hermes has acted as sole financial adviser, while Dechert LLP and Zulficar and Partners acted as legal adviser to Bank Audi on the transaction. JPMorgan rendered a Fairness Opinion to Bank Audi, while Broadgate Advisors offered advisory services to Bank Audi in connection with the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Abu Dhabi Bank (FAB) has signed a definitive agreement for the acquisition of 100 percent share in Bank Audi\u2019s Egyptian subsidiary, the two banks announced in a joint statement on Wednesday.<\/p>\n","protected":false},"author":4,"featured_media":320654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[194,193],"class_list":["post-320653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-bank-audi","tag-first-abu-dhabi-bank-fab"],"yoast_head":"\nFirst Abu Dhabi Bank signs definitive deal to acquire Bank Audi\u2019s Egyptian unit - egy-africa<\/title>\n<meta name=\"description\" content=\"First Abu Dhabi Bank (FAB) has signed a definitive agreement for the acquisition of 100 percent share in Bank Audi\u2019s Egyptian subsidiary, the two banks announced in a joint statement on Wednesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/01\/20\/first-abu-dhabi-bank-signs-definitive-deal-to-acquire-bank-audis-egyptian-unit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Abu Dhabi Bank signs definitive deal to acquire Bank Audi\u2019s Egyptian unit - 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