Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has resumed exclusive discussions with Lebanon's Bank Audi regarding the potential acquisition of Bank Audi Egypt.
The discussions are subject to a confirmatory due diligence exercise, definitive transaction agreements, and the necessary regulatory approval, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Wednesday.
The potential acquisition is part of FAB's long-term growth strategy and expansion plans.
It is noteworthy to mention that in September, the bank affirmed that any developments regarding the potential acquisition of Bank Audi Egypt will be disclosed to the market in due course after halting the transaction process in May due to the coronavirus (COVID-19) economic consequences.
