{"id":325204,"date":"2022-04-13T17:16:29","date_gmt":"2022-04-13T17:16:29","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325204"},"modified":"2022-04-15T17:20:23","modified_gmt":"2022-04-15T17:20:23","slug":"uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/","title":{"rendered":"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes"},"content":{"rendered":"<p>First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.<\/p>\n<p class=\"texttext1fzle\">Earlier in February, FAB made an offer to buy a controlling stake in EFG Hermes, valuing the firm at 18.5 billion Egyptian pounds ($1.18 billion). Th deal was set to be the biggest acquisition yet in Egypt by the UAE\u2019s top lender.<\/p>\n<p>\u201cAfter careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank (FAB) has decided to withdraw its non-binding offer submitted on 9 February 2022,\u201d <a href=\"https:\/\/www.bankfab.com\/en-ae\/about-fab\/group\/in-the-media\/20221404-first-fab-withdraws-its-non-binding-offer-for-majoritstake-in-efg-hermes-holding\">FAB statement<\/a> read on Thursday.<\/p>\n<p>\u201cEgypt remains a strategically important market for FAB, where the bank will continue to support its customers and employees and continue to invest in the growth of its well-established partnerships and operations in Egypt.\u201d FAB <a href=\"https:\/\/www.bankfab.com\/en-ae\/about-fab\/group\/in-the-media\/20221404-first-fab-withdraws-its-non-binding-offer-for-majoritstake-in-efg-hermes-holding\">added<\/a>.<\/p>\n<p>FAB shares drop as much as 1.7 percent in Abu Dhabi after the news on Thursday.<\/p>\n<p class=\"defaultstyledtext-sc-1jtxuc8-0\">The success of the EFG Hermes deal would have been FAB\u2019s second acquisition in Egypt. FAB had signed a definitive agreement for the acquisition of 100 percent share in Bank Audi Egypt in January 2021 and received regulatory approval in April for the deal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.<\/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":[82,193],"class_list":["post-325204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-efg-hermes","tag-first-abu-dhabi-bank-fab"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa<\/title>\n<meta name=\"description\" content=\"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.\" \/>\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\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa\" \/>\n<meta property=\"og:description\" content=\"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/\" \/>\n<meta property=\"og:site_name\" content=\"egy-africa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-13T17:16:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-15T17:20:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aya Abdulghany\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aya Abdulghany\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/\",\"url\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/\",\"name\":\"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa\",\"isPartOf\":{\"@id\":\"https:\/\/egy-africa.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1\",\"datePublished\":\"2022-04-13T17:16:29+00:00\",\"dateModified\":\"2022-04-15T17:20:23+00:00\",\"author\":{\"@id\":\"https:\/\/egy-africa.com\/en\/#\/schema\/person\/b6ceac9edb8a4f4971905ea65a568131\"},\"description\":\"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.\",\"breadcrumb\":{\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1\",\"width\":750,\"height\":430},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/egy-africa.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/egy-africa.com\/en\/#website\",\"url\":\"https:\/\/egy-africa.com\/en\/\",\"name\":\"egy-africa\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/egy-africa.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/egy-africa.com\/en\/#\/schema\/person\/b6ceac9edb8a4f4971905ea65a568131\",\"name\":\"Aya Abdulghany\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/egy-africa.com\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f3d34a871038964ff1f9085ae2941bc2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f3d34a871038964ff1f9085ae2941bc2?s=96&d=mm&r=g\",\"caption\":\"Aya Abdulghany\"},\"sameAs\":[\"http:\/\/egy-africa.com\",\"mohamed nour\"],\"url\":\"https:\/\/egy-africa.com\/en\/author\/aya-abdulghany\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa","description":"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/","og_locale":"en_US","og_type":"article","og_title":"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa","og_description":"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.","og_url":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/","og_site_name":"egy-africa","article_published_time":"2022-04-13T17:16:29+00:00","article_modified_time":"2022-04-15T17:20:23+00:00","og_image":[{"width":750,"height":430,"url":"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1","type":"image\/jpeg"}],"author":"Aya Abdulghany","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Aya Abdulghany","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/","url":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/","name":"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes - egy-africa","isPartOf":{"@id":"https:\/\/egy-africa.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage"},"image":{"@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1","datePublished":"2022-04-13T17:16:29+00:00","dateModified":"2022-04-15T17:20:23+00:00","author":{"@id":"https:\/\/egy-africa.com\/en\/#\/schema\/person\/b6ceac9edb8a4f4971905ea65a568131"},"description":"First Abu Dhabi Bank (FAB), the UAE\u2019s biggest lender by assets, withdrew its offer to acquire a majority stake in Egypt\u2019s biggest investment bank EFG Hermes, citing global market volatility in the wake of Russia\u2019s war in Ukraine.","breadcrumb":{"@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#primaryimage","url":"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1","contentUrl":"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1","width":750,"height":430},{"@type":"BreadcrumbList","@id":"https:\/\/egy-africa.com\/en\/2022\/04\/13\/uaes-first-abu-dhabi-bank-withdraws-its-bid-to-buy-for-egypts-efg-hermes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/egy-africa.com\/en\/"},{"@type":"ListItem","position":2,"name":"UAE\u2019s First Abu Dhabi Bank withdraws its bid to buy for Egypt\u2019s EFG Hermes"}]},{"@type":"WebSite","@id":"https:\/\/egy-africa.com\/en\/#website","url":"https:\/\/egy-africa.com\/en\/","name":"egy-africa","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/egy-africa.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/egy-africa.com\/en\/#\/schema\/person\/b6ceac9edb8a4f4971905ea65a568131","name":"Aya Abdulghany","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/egy-africa.com\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f3d34a871038964ff1f9085ae2941bc2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f3d34a871038964ff1f9085ae2941bc2?s=96&d=mm&r=g","caption":"Aya Abdulghany"},"sameAs":["http:\/\/egy-africa.com","mohamed nour"],"url":"https:\/\/egy-africa.com\/en\/author\/aya-abdulghany\/"}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2021\/01\/First-Abu-Dhabi-Bank-1600px-750x430-1.jpg?fit=750%2C430&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/pcF3XZ-1mBe","_links":{"self":[{"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/posts\/325204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/comments?post=325204"}],"version-history":[{"count":1,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/posts\/325204\/revisions"}],"predecessor-version":[{"id":325205,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/posts\/325204\/revisions\/325205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/media\/320654"}],"wp:attachment":[{"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/media?parent=325204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/categories?post=325204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/egy-africa.com\/en\/wp-json\/wp\/v2\/tags?post=325204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}