First Abu Dhabi Bank has started the process of share transfer for all the share capital for Lebanon-based Bank Audi SAE.
Upon the completion of share transfer, FAB will start the integration of operations and assets of FAB Egypt and Bank Audi, which is expected for finalization in 2022. Additionally, the acquisition will make FAB one of Egypt’s biggest foreign banks by assets with EGP 130 billion worth of Pro-forma total assets at the end of this year.
In the process of acquisition, UBS AG (London) and FAB acted as financial advisors, whereas Matouk Bassiouny & Hennawy and Freshfields Bruckhaus Deringer LLP served as legal advisors to FAB.
Group Chief Executive Hana Al Rostamani stated that the acquisition represents a milestone for FAB’s global ambitions, which will bolster growth and expansion for the group in a high-potential market. Additionally, it will increase the scale, size, and experience of FAB Egypt, adding greater reach and depth to customer value, both locally and worldwide.
The acquisition will aid in supporting existing and new customers across all their corporate and retail banking requirements and will act as a connection for investment and trade across the MENA region and beyond.