UAE-based lender First Abu Dhabi Bank (FAB) has confirmed that it is in talks to acquire Egyptian subsidiary Bank Audi Egypt.

The discussions are in initial phases and may not materialise into any a deal.

From a three-branch operation in 2005, Bank Audi Egypt has grown into 50 branches with assets worth of $4.4bn at the end of September.

Lebanon-based Bank Audi acquired Cairo Far East Bank in 2006, and subsequently, its name was changed to Bank Audi Egypt.

Reuters citing sources said that Bank Audi CEO Samir Hanna had meetings with FAB group chief executive Abdulhamid Saeed on the divestment of the Egyptian unit.

According to the sources, a non-disclosure agreement was also signed.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the third quarter, Bank Audi Eygpt posted a 6.6% increase in net profit due to an increase in net interest income.

The discussions come as the banks as well as the economy of Lebanon are facing challenges amid a shortage in dollar.