March 3, 2021

FAB to fully run Bank Audi’s Egypt arm effective by Q2


ArabFinance: First Abu Dhabi Bank (FAB) will fully manage Bank Audi’s Egypt arm by the second quarter (Q2) of 2021 after obtaining official approvals of the Central Bank of Egypt, Masrawy reported.

In January, FAB signed a final agreement to acquire 100% of Bank Audi’s operations in Egypt.

The acquisition will increase the size and scale of FAB’s operations in Egypt, with Pro-forma total assets of more than EGP 120 billion.

As of end-September 2020, Bank Audi (Egypt) had total assets of EGP 83.2 billion and shareholders' equity of EGP 7.6 billion.

Last November, FAB resumed exclusive discussions with the Lebanese Bank Audi to acquire the latter’s assets in Egypt.

arabfinance


Categories : banking

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