First Abu Dhabi Bank ends acquisition talks with Lebanon’s Bank Audi-Egypt
First Abu Dhabi Bank on Monday (May 18) said it has mutually agreed with Bank Audi to stop the transaction process for the acquisition of the Lebanese bank’s subsidiary in Egypt.
FAB attributes the decision to “the unprecedented circumstances and the uncertain outlook relating to the COVID-19 pandemic”.
The two banks confirmed they were in talks in January, when FAB said the discussions align with its strategy to pursue growth opportunities in the UAE and targeted markets.
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