First Abu Dhabi Bank and Bank Audi announced yesterday, Wednesday, the signing of the final agreement to acquire 100% of First Abu Dhabi Bank's capital of Bank Audi Egypt.
The acquisition will significantly increase the volume and scope of First Abu Dhabi Bank's activity in Egypt, and will make it one of the largest foreign banks operating in Egypt in terms of assets, as its value exceeds 120 billion Egyptian pounds (8.1 billion dollars) after consolidation.
and according to yesterday's statement, the proceeds from the sale will contribute to enhancing Bank Audi Group's solvency and financial resilience.
The acquisition is expected to complete within the next few months, but the statement did not specify the date or value of the transaction.
and Alawwal Abu Dhabi has yet to fulfill several common conditions that take place in such a process, including obtaining final approvals from the bank, central banks, and the necessary regulatory and supervisory authorities in both the UAE and Egypt .
Bank Audi (Egypt) had total assets of 83.2 billion pounds ($ 5.3 billion) by the end of September 2020, while total shareholders' equity reached 7.6 billion pounds (479). Million dollars).
Bank Audi’s business in Egypt, which it provides through its 53 branches, will support the operations of First Abu Dhabi Bank in Egypt, which has 17 branches and has been operating in the Egyptian market since 1975. < / p>
said Andre Sayegh, Chief Executive Officer of First Abu Dhabi Bank: This is the first international acquisition of First Abu Dhabi Bank, and it will contribute to the acceleration of the growth of the group's business. In markets with promising potential.
For his part, Samir Hanna, Chairman and Chief Executive Officer of Bank Audi Group, said: This acquisition represents the best results we have reached for the benefit of all our partners.
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