The promotion and subscription coverage of the financial group Hermes succeeded in completing the first Abu Dhabi Bank's acquisition of 100% of the capital of Odeh-Egypt after meeting the necessary regulatory and regulatory approvals to complete the acquisition.
According to Arab Net, the first Abu Dhabi bank acquisition will provide the assets of Odeh-Egypt Bank, which amounted to approximately 85.6 billion pounds to December 2020, as well as the Comment of the Bank of Audi - Egypt in the retail banking and corporate banking sectors through the network of branches Includes 53 branches.
The first dubbed at the Egyptian market began in 1975, and the acquisition will contribute to increasing the volume and scope of Abu Dhabi's first bank activity in the country, and will make one of the largest foreign banks working in the Egyptian market in terms of assets With an asset base, about 130 billion pounds (US $ 8.5 billion) as of December 2020.
The Co-Chairman of the Promotion Sector and IPO Covers by Financial Group Hermes, Mustafa Gad, said the acquisition revenue would be specialized for the development of the capital al-Qaeda and his support in the face of market disorders in Lebanon.
On the other hand, the acquisition in the development of the direct presence of Abu Dhabi will contribute to the Egyptian market, one of the most efficient markets in the banking sector on the regional scene, making them a major nerve of the Egyptian economy.
Informed sources expected the completion of the first Abu Dhabi Bank's acquisition of Audi-Egypt by the end of this year, with Abu Dhabi's first approval of the Central Bank of Egypt on the deal.
In journalist on the sidelines of the sidelines of signing a real estate finance contract with the possibility of Egypt, the Chief Executive Officer of Abu Dhabi.
According to a statement, the bank is aimed at expanding by buying, and the acquisition of Odeh Bank - Egypt facilitates the expansion process, stressing that a bank has a customer base with more than 150,000 clients in Egypt.
