Bank Audi – Egypt has announced that Bank Audi and First Abu Dhabi Bank (FAB) have ended their discussions for FAB to acquire the Egyptian assets of Lebanon’s Bank Audi.
In a statement released by Bank Audi – Egypt, the negotiations were significantly affected by the exceptional circumstances resulting from the ongoing global coronavirus (COVID-19) pandemic.
Bank Audi Group CFO Tamer Ghazaleh said that, despite the failure of the deal, they thank FAB for its efforts and constructive discussions.
“We are very happy with the results of the talks, that emphasised the strengths of Bank Audi Egypt, and we are proud to remain one of the most prominent pillars of support for the Bank Audi group,” he added.
Bank Audi Egypt CEO Mohamed Bedir said that Bank Audi Egypt has been the group’s top profit and growth maker.
He added that the bank is to continue in its current business and expansion plans in the Egyptian market. Bedir said that the bank will also continue with the technological development e-solutions.
Bank Audi Egypt has grown from a three-branch operation acquired by Lebanon’s Bank Audi in 2005, to 50 branches with total assets of $4.4bn at the end of September 2019.