Bank Audi ends acquisition talks with FAB

Tuesday 19 May 2020 10:53 CET | News

Egypt-based Bank Audi has ended the discussions with First Abu Dhabi Bank (FAB) on acquiring the Egyptian assets of Lebanon's Bank Audi.

According to MENAFN, negotiations were affected by the circumstances resulting from the ongoing global coronavirus pandemic. The deal was valued at nearly USD 700 million, but the timing of the deal was not right due to the support needed by the UAE economy considering the COVID-19 pandemic.

The Central Bank of the United Arab Emirates (CBUAE) had injected a USD 70 billion capital and liquidity measures to support the country’s economy following the pandemic outbreak.

In April 2020, FAB launched relief measures for customers. These measures included the postponement of loan repayments and the suspension or reduction of fees and charges across a wide range of financial products.

Bank Audi Egypt has grown from a three-branch operation acquired by Lebanon's Bank Audi in 2005, to 50 branches with total assets of USD 4.4 billion at the end of September 2019.

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Keywords: FAB, Bank Audi Egypt, Egypt, First Abu Dhabi Bank, coronavirus, COVID-19, UAE, Central Bank of the United Arab Emirates, CBUAE, loans
Categories: Banking & Fintech
Countries: Egypt
This article is part of category

Banking & Fintech