First Abu Dhabi Bank on Monday (May 18) said it has mutually agreed with Bank Audi to stop the transaction process for the acquisition of the Lebanese bank’s subsidiary in Egypt.
FAB attributes the decision to “the unprecedented circumstances and the uncertain outlook relating to the COVID-19 pandemic”.
The two banks confirmed they were in talks in January, when 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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