First Abu Dhabi Company withdraws non-binding offer to acquire majority stake in Hermes

First Abu Dhabi Bank withdrew, a non-binding offer, regarding the possible acquisition of a majority stake in the "Hermes Holding Group".

The bank explained in a statement that, after careful study, and in light of the continuing instability in global markets and economies, it has decided to withdraw the non-binding offer submitted on February 9, 2022, regarding the possible acquisition in return for cash of a majority stake in EFG Hermes Holding, one of the Financial services institutions listed on the Egyptian Stock Exchange.


"First Abu Dhabi" stressed that the Egyptian market will remain strategically important to it, and it will continue to support its dealers, employees, and investments in developing its well-established partnerships and operations in Egypt.


It is noteworthy that First Abu Dhabi Bank is the largest bank in the UAE, and its branch network is spread over five continents.

The bank's total assets amounted to more than one trillion dirhams ($272 billion) until the end of December 2021. The bank has a rating of "Aa3", "AA-", and "AA-" from agencies: "Moody's", "Standard & Poor's", and “Fitch” respectively, making it the strongest aggregate rating for banks in the Middle East and North Africa region.

The bank was also ranked as the safest bank in the UAE and the Middle East region, as well as the 32nd place among the safest banks in the world, according to the classification of "Global Finance" magazine.

It ranked "First Abu Dhabi" as the largest bank in the UAE, third in the Middle East and 94th in the world, in terms of "capital strength - Tier One" in The Banker magazine's ranking for the year 2021, of the 1000 most powerful banks in the world.

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