First Abu Dhabi Bank has announced that Brookfield Business Partners and its partners have agreed to purchase a 60% stake in the bank's Magnati Payments unit.
According to Arabiya Net, the value of this unit is estimated at up to $1.15 billion.
According to these data, the value of the funds that First Abu Dhabi Bank will receive is estimated at about $690 million.
The bank said it would retain a 40% stake in Magnati after completion of the deal, and would continue its partnership with it in a long-term agreement.
He added that the proceeds of the transaction would be used to support the bank's growth and development plans.
Earlier this month, First Abu Dhabi Bank submitted an offer to buy a controlling stake in Egyptian Financial Group Hermes, the largest investment bank in Egypt, estimated at EGP 18.5 billion ( $1.18 billion).
