Following share transfer completion, this acquisition will make FAB one of Egypt’s largest foreign banks by assets
The First Abu Dhabi Bank (FAB) has begun the share transfer process for its acquisition of 100 percent of Bank Audi’s subsidiary in Egypt.
FAB will begin integrating Bank Audi’s assets and operations once the transfer is completed, with the integration process expected to be finalized in 2022.
It was previously expected to be fully integrated by Q2 2021.
Following share transfer completion, this acquisition will make FAB one of Egypt’s largest foreign banks by assets with pro-forma total assets of more than LE 130 Billion (USD 8.5 Billion) as of 31st Dec 2020, writes FAB’s statement.
“This acquisition represents an important strategic milestone for FAB’s international ambitions, accelerating FAB Group’s expansion in a high-potential market,” said Hana Al Rostamani, Group Chief Executive Officer of the First Abu Dhabi Bank.
FAB Egypt’s CEO, Mohamed Abbas Fayed, has been identified to be appointed as Country CEO of the combined entity, following an independent due diligence and selection process.
First Abu Dhabi Bank and UBS AG (London Branch) acted as financial advisers, while Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy acted as legal advisers to FAB on the transaction.
EFG Hermes acted as sole financial adviser, while Dechert LLP and Zulficar and Partners acted as legal adviser to Bank Audi on the transaction. JPMorgan rendered a Fairness Opinion to Bank Audi, while Broadgate Advisors offered advisory services to Bank Audi in connection with the transaction.
FAB’s first international acquisition, the bank first announced the acquisition back in January with the deal making it one of the biggest foreign banks in Egypt.