Bloomberg reported that First Abu Dhabi Bank intends to submit an offer to buy EFG Hermes in Egypt.
And according to Arabiya Net, Bloomberg quoted people familiar with the matter, that the First Abu Dhabi Bank decided to make an offer to buy EFG Hermes, in the largest expected acquisition in Egypt, by the largest lender bank in the Emirates.
According to insiders, the official announcement of the acquisition is imminent.
This comes as banks in the UAE are increasingly turning to expanding abroad to maintain growth, with First Abu Dhabi Bank acquiring last year's unit of Bank Audi in Egypt, and Emirates NBD acquiring Turkey's Denizbank in 2019.
Today, Wednesday, the Egyptian Financial Supervisory Authority decided to stop trading on the shares of the EFG Hermes Holding Company until a statement was received from the authority, with the suspension of all offers and requests registered on the company’s shares before publishing this announcement.
