EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEMs), announced today that its Investment Banking team has successfully completed advisory to Bank Audi on its sale of 100% of the share capital of its Egypt-based subsidiary, to First Abu Dhabi Bank PJSC (FAB), following the receipt of the necessary regulatory approvals.<\/p>\n
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The acquisition will see FAB consolidate Bank Audi S.A.E\u2019s total assets of EGP 85.6 billion (as of December 2020) and its well-established retail and corporate banking operations across a network of 53 branches. FAB has been operational in Egypt since 1975 and following the acquisition, it will be positioned as one of the largest foreign banks by assets in Egypt\u2019s banking sector, with pro-forma total assets of more than EGP 130 billion (USD 8.5 billion) as of December 2020.<\/p>\n
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Co-Head of Investment Banking at EFG Hermes, Mostafa Gad, commented, \u201cWe are very pleased to have taken a vital role in supporting Bank Audi in the sale process of its Egyptian subsidiary. Proceeds from the sale will be channeled to shore up Bank Audi\u2019s capitalization and strengthen its resilience in the face of challenging market conditions in Lebanon. The transaction also helps FAB grow its presence in one of the region\u2019s most structurally solid banking sectors. We are proud to have contributed to this landmark transaction in such a strategic sector of the Egyptian economy.\u201d<\/p>\n
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The acquisition marks the ninth transaction by EFG Hermes\u2019 Investment Banking team in 2021 following the execution of two M&A transactions, two initial public offerings and four debt transactions across its MENA footprint. EFG Hermes\u2019 ability to overcome the challenging market conditions presented by the COVID-19 pandemic is a testament to the strength of its world-class advisory services provided to its clients across multiple jurisdictions covering the full spectrum of debt, equity and M&A mandates.<\/p>\n
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EFG Hermes acted as sole financial advisor to Bank Audi.<\/p>\n","protected":false},"excerpt":{"rendered":"
EFG Hermes, the leading financial services corporation in Frontier Emerging Markets (FEMs), announced today that its Investment Banking team has successfully completed advisory to Bank Audi on its sale of 100% of the share capital of its Egypt-based subsidiary, to First Abu Dhabi Bank PJSC (FAB), following the receipt of the necessary regulatory approvals.\u00a0\u00a0<\/p>\n","protected":false},"author":4,"featured_media":319941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[82],"class_list":["post-322109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-efg-hermes"],"yoast_head":"\n