Royal Challengers have lost their last five matches while the Knight Riders will aim to bounce back after a home loss to RR
First Abu Dhabi Bank (FAB) has initiated the process of share transfer for 100% of the share capital of Bank Audi sae (Egypt), Lebanon-based Bank Audi’s subsidiary in Egypt.
Once the share transfer is complete, FAB will begin integrating the assets and operations of Bank Audi sae (Egypt) and FAB Egypt, with the integration process expected to be finalised in 2022.
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 EGP 130 billion ($8.5 Billion) as of December 31, 2020.
Hana Al Rostamani, group chief executive officer, FAB, said: “This acquisition represents an important strategic milestone for FAB’s international ambitions, accelerating FAB Group’s expansion in a high-potential market. It will significantly increase the size, scale and experience of FAB Egypt, adding greater depth and reach to the value we offer our customers both locally and globally. FAB has a long history in Egypt, and we stand fully committed to supporting our new and existing customers across a full range of retail and corporate banking needs, as well as serving as bridge for trade and investment flows across the MENA region and beyond, supporting all our stakeholders in unlocking new possibilities for growth.”
Bank Audi sae (Egypt)’s established retail and corporate banking propositions, and vast branch network, complement FAB’s well-established operations in Egypt dating back to 1975.
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. Fayed joined FAB in 2019 and was previously Bank Audi sae (Egypt) Chief Executive and Managing Director and brings with him three decades of banking experience with a unique understanding of the Egyptian market.
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. — business@khaleejtimes.com
Royal Challengers have lost their last five matches while the Knight Riders will aim to bounce back after a home loss to RR
Thailand's Atthaya Thitikul and South Korea's Im Jinhee share the second round lead at the LPGA's first women's major of the season
Hamilton says he had forgotten what it's like to lead after finishing second ahead of Perez
The defence ministry said it intercepted 50 Ukrainian drones overnight
Media reports had suggested the trip would begin as soon as Sunday and last two days
Visitors can enjoy movies with family favourites, including ‘The Jungle Book’, ‘Jumanji’ and ‘Zootopia’ to match the wild theme every evening from 8pm
Sheikh Mohamed conveyed his congratulations to all eight honourees, recognising their inspiring efforts and significant contributions in service to society
His father thanked everyone who participated in the search mission despite the challenges posed by flooding in various parts of the emirate