First Abu Dhabi Bank on Track to Purchase Bank Audi Egypt

First Abu Dhabi Bank (FAB) has signed a definitive agreement to purchase 100% of the share capital holdings of Bank Audi’s Egyptian subsidiary; Bank Audi Egypt (BAE). The transaction is said to be finalised within the next few months; time taken is subject to customary conditions and regulatory approvals by the United Arab Emirates and Egypt. BAE reported USD 5.3 billion of total assets as of September 2020, with shareholders’ equity of BAE amounting to USD 479 million.

FAB Group Chief Executive Officer (CEO), Andre Sayegh, believes the addition of BAE’s operations offers scale, expertise and financial strength to support FAB’s growth journey and sustainable returns. According to media reports, the size and scale of FAB’s operations in Egypt will...