ADCB obtains MTO exemption from Egypt’s FRA

Abu Dhabi – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has granted Abu Dhabi Commercial Bank (ADCB) an exemption from the requirement to make a mandatory tender offer (MTO) to the minority shareholders of Union National Bank – Egypt (UNB Egypt).

The FRA’s decision was approved on 18 September 2019, according to a disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday.

The said exemption followed the merger of ADCB with UNB and the approval of the Central Bank of Egypt (CBE) of ADCB’s acquisition of UNB’s shares in UNB Egypt.

It is noteworthy that Egypt’s central bank previously approved ADCB’s request to acquire a 96.64% stake in UNB Egypt.

Mubasher Contribution Time: 23-Sep-2019 08:21 (GMT)
Mubasher Last Update Time: 23-Sep-2019 08:21 (GMT)