Bank Audi will be fully integrated into First Abu Dhabi Bank (FAB) during 2Q2021 after receiving the approval of the Central Bank of Egypt and other regulatory bodies for the transaction, Masrawy reports, citing unnamed sources close to the matter.

Background: FAB signed in January a final agreement to acquire 100% of Bank Audi’s operations in Egypt. The acquisition will increase the Emirati lender assets to EGP 120 bn (c. USD 8.1 bn) post-acquisition, making it one of the largest banks in Egypt in terms of assets. FAB’s branch count will more than triple to 70, adding Bank Audi’s 53 branches to its existing 17. Audi’s total assets were valued at EGP 83 bn (USD 5.3 bn) at the end of 3Q2020.

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