As Abu Dhabi approaches to the approval of the Central Bank of Egypt on the deal, informed sources expected, completing the integration of the first Abu Dhabi Bank with the Bank of return before the end of this year,
According to Arab Net, quoting press statements on the sidelines of signing a real estate finance contract with Egypt's possibility company, OIDC, Mohamed Fayed, has increased market share in Egypt after completing integration from 1.5% to 4 or 5%.
According to a statement, said the bank targets expansion by buying, and the acquisition of the Bank of Odeh-Egypt facilitates the expansion process, stressing that the Bank return has 52 branches, and a customer base at more than 150,000 clients.
He pointed out that Abu Dhabi's first bank paid 250 to LE 300 million funds within the mortgage finance for paid up to 15 years, noting that the contract with Egypt could encourage foreign investment and add new players in Egypt. p>
The first Abu Dhabi Bank, announced in January to sign the final agreement with a bank to complete its acquisition of 100% of the capital of the Bank of Egypt, following the completion of an in-depth process of checking and examination of the NATO COMPITION ADBADI. For applicable legislation, after obtaining the initial approval required from the Central Bank of Egypt.
The first Abu Dhabi Bank and UPS worked. AG, London branch, as financial consultants for the acquisition process, while Fresh Fields Brookhausderr L. LP, Maatouq Basiouni and Henawi as legal consultants for the first Abu Dhabi Bank in this deal.
The financial group also worked for Hermes as a single financial consultant to Bank of Egypt in the acquisition, while Deckert LP and Zulfikar and their partners as legal consultants for Bank returned to the deal.
While JP Morgan has given an opinion on the price of this operation for Bank of Egypt, while Broadt Advisers provided consultancy services to this deal.
