First Abu Dhabi Bank and Bank Audi announced the signing of the final agreement for the acquisition of 100% of the capital of Bank Audi (Egypt) by First Abu Dhabi Bank.
This acquisition agreement followed the completion of a thorough data control process and the review of due diligence carried out by First Abu Dhabi Bank on the activities of Bank Audi (Egypt) in accordance with applicable law, after obtaining the required initial approval from Central Bank of Egypt. The acquisition process is expected to be completed in the coming months, as several common conditions for such a process are met. These include obtaining final approvals from the bank, the two central banks and the necessary regulatory and supervisory authorities in the UAE and the Arab Republic of Egypt. All other developments related to this transaction will be revealed in due course.
André Sayegh, CEO of First Abu Dhabi Bank Group, said: “First Abu Dhabi Bank has a long history in the Arab Republic of Egypt, as the bank opened its first branch in Egypt more than 45 years ago. Contribute to the acceleration of the growth of the group’s activities in markets with many promising potentials, especially as this acquisition will add extensive experience and financial strength that support the growth and sustainable revenue stream of our group. The first Abu Dhabi Bank, for its part, is committed to supporting clients in Egypt by providing a wide range of banking services to meet the needs of individuals and companies, as well as seeking to be a link for trade and investment between the Middle East. of North Africa and the world.
For his part, Samir Hanna, President and CEO of Bank Audi Group, said: “This acquisition represents the best results we have achieved for the benefit of all our partners, especially our customers and employees in Egypt, as a result. the challenges facing Lebanon over the past 16 months. Acquisition The strong confidence in the quality and efficiency of the business model and governance created by the Bank Audi Group in the region.
The acquisition will significantly increase the volume and scope of First Abu Dhabi Bank in Egypt and make it one of the largest foreign banks operating in the republic in terms of assets, with a value exceeding EGP 120 billion (8 , $ 1 billion) after consolidation. The proceeds from the sale will contribute to strengthening the solvency and financial resilience of the Bank Audi Group.
Audi Bank (Egypt) had total assets of 83.2 billion Egyptian pounds (equivalent to $ 5.3 billion) by the end of September 2020, while total equity amounted to 7.6 billion Egyptian pounds (equivalent to 479 million dollars). ). Distinguished banking services provided by Bank Audi (Egypt) to individuals and companies, in addition to its distribution network of 53 branches, will complement the operation of First Bank Abu Dhabi in Egypt through its 17 branches and its distinguished presence in the Egyptian market since 1975.
First Abu Dhabi Bank and UBS AG, the London branch, worked as financial advisors for the acquisition, while Freshfields Bruckhaus Deringer LLP worked as financial advisor. And Maatouq Bassiouni and Hinnawi as legal advisers to First Abu Dhabi Bank in this transaction.
EFG Hermes (EFG Hermes) acted as the sole financial advisor to Bank Audi in this acquisition, while Dechert LLP and Zulfikar & Associates acted as legal advisors to Bank Audi in this JPMorgan transaction provided an opinion on the correctness of this price of the transaction to Bank Audi, while Broadgate Advisors provided relevant consulting services in this operation.
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