FAB to acquire 100% of Bank Audi Egypt’s share capital
ABU DHABI, January 21, 2021 First Abu Dhabi Bank (FAB) and Bank Audi sal have announced the signing of a definitive agreement for the acquisition by FAB of 100% of the share capital of Bank Audi sae, Bank Audi’s subsidiary in Egypt, a media report said. This agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi sae (Egypt) after obtaining the preliminary approval of the Central Bank of Egypt, reported Emirates News Agency
WAM. The transaction is expected to be completed within the next few months, following the satisfaction of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.
The proceeds will help strengthen Bank Audi group’s capitalisation and financial resilience
by Zainab Mansoor
January 21, 2021
Bank Audi and First Abu Dhabi Bank (FAB) have agreed for the latter to acquire 100 per cent of the share capital of Bank Audi sae, the former’s subsidiary in Egypt.
The acquisition was confirmed via a definitive agreement that followed a due diligence exercise conducted by FAB on Bank Audi Egypt after obtaining the preliminary approval of the Central Bank of Egypt. The transaction is expected to be concluded within the next few months, following the completion of customary conditions, including the receipt of regulatory approvals in the UAE and Egypt.
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