First Abu Dhabi Bank on Thursday (Jan 23) confirmed it is in discussions with Lebanon’s Bank Audi to acquire its fully-owned subsidiary in Egypt.
“At the current time, no valuations have been announced and there is no certainty that these discussions will result in a transaction, which is subject to regulatory approvals,” said the bank in a statement filed with the Abu Dhabi Exchange.
FAB said the discussions align with its strategy to pursue growth opportunities in the UAE and targeted markets.
Bank Audi is Lebanon’s biggest bank by assets. Outside Lebanon, the bank has presence in Turkey, Jordan, Egypt, UAE (representative office), Saudi Arabia, Qatar, Iraq, Switzerland, France, and Monaco. Bank Audi Egypt provides both conventional and Islamic financial services.
First Abu Dhabi Bank was formed in 2017 from the merger of National Bank of Abu Dhabi and First Gulf Bank. It provides conventional and Islamic banking services.
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