First Abu Dhabi Bank – Egypt (FAB), in collaboration with the Central Bank of Egypt (CBE), is to complete its 100% acquisition of Bank Audi, according to Mohamed Fayed, CEO of FAB. Fayed believes that the deal will contribute to the strengthening of Egyptian investment opportunities, especially the ability of the Egyptian banks to attract investments, support the quality of banking services and products provided to banking customers in general, in addition to paying attention to the human element and the bank’s employees through ambitious training and development plans. The acquisition of Bank Audi by FAB was announced in January 2021, while the merger is expected to be completed in 2022. The acquisition will position FAB as one of the largest foreign banks in Egypt by assets, with pro-forma total assets of more than $8.5bn as of 31st December 2020.
FAB’s dollar bonds were flat with its 4.5% Perp at 104.7, yielding 3.3%
For the full story, click here