The agreement is subject to further regulatory approvals in the UAE and Egypt, the statement added.
Bank Audi said the proceeds from the sale will help improve its capitalisation and contribute to its financial resilience. It is also in line with directives from the Central Bank of Lebanon to Lebanese lenders to raise their capital by 20 per cent to ride out any liquidity issues amid a worsening economic crisis in the country. Lebanon s banks could risk being shut out of the market if they do not comply by the end of next month.
Bank Audi Egypt has 53 branches with total assets of $5.3 billion at the end of September. FAB already has 17 branches in Egypt.
First Abu Dhabi Bank has agreed to buy the Egyptian business of Lebanon's Bank Audi in a deal which will make the largest lender in the United Arab Emirates also one of the biggest foreign banks in Egypt.
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