The completion of the deal of «First Abu Dhabi» acquisition of «Audi Egypt»
EFG Hermes, the leading financial and investment institution in emerging and emerging markets, announced today that the Promotion and IPO Coverage Sector has successfully completed its advisory services for Bank Audi (S.A.L) in the process of First Abu Dhabi Bank’s acquisition of 100% of Bank Audi’s capital. LLC (Egypt) after fulfilling the necessary supervisory and regulatory approvals to complete the acquisition.
The acquisition allows First Abu Dhabi Bank to accumulate the assets of Bank Audi SAE (Egypt), which amounted to approximately 85.6 billion pounds until December 2020, in addition to joining Bank Audi’s business system in the retail and corporate banking sectors through a network of branches that include 53 branches, noting that First Abu Dhabi Bank has a long history in Egypt, as it started its activity in the Egyptian market in 1975. The acquisition will significantly increase the volume and scope of First Abu Dhabi’s activity in Egypt, and will make it one of the largest foreign banks operating in the Egyptian market. In terms of the size of the assets, with an asset base that exceeds the estimated value of 130 billion pounds (8.5 billion dollars) as of December 2020.
Follow our latest local and sports news, and the latest political and economic developments via Google news