{"id":543628,"date":"2022-02-10T03:53:22","date_gmt":"2022-02-10T03:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/"},"modified":"2022-02-10T03:53:22","modified_gmt":"2022-02-10T03:53:22","slug":"first-abu-dhabi-bank-makes-play-for-efg-hermes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/","title":{"rendered":"First Abu Dhabi Bank makes play for EFG Hermes"},"content":{"rendered":"

<\/a> F<\/strong>irst Abu Dhabi Bank wants EFG Hermes:<\/strong> First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn), the Emirati bank announced in a disclosure (pdf)<\/a> to the ADX yesterday. FAB said it submitted a non-binding offer for a minimum 51% stake in the financial institution for EGP 19.00 a share. Bloomberg<\/a> and Reuters<\/a> both have the story, which is getting a lot of buzz in the international business press.<\/p>\n

The offer is priced at a 21% premium to EFG\u2019s closing share price<\/strong> on Tuesday, representing \u201can attractive liquidity event and a compelling value proposition\u201d for the bank\u2019s shareholders, which include French bank Natixis and Emirati investment firm RA MENA Holdings, FAB said.<\/p>\n

EFG\u2019s share price surged on the news<\/strong>, gaining 9.3% on the EGX yesterday to close at EGP 17.20. The bank\u2019s LSE-listed global depository receipts climbed 17.3%.<\/p>\n

FAB\u2019s offer reflects a growing interest in the Egyptian market among Gulf companies<\/strong>, Radwa El Swaify, head of research at Al Ahly Pharos, told Hapi Journal<\/a>. This includes FAB, which purchased Bank Audi Egypt<\/a> last year, making it one of Egypt\u2019s largest foreign banks in terms of assets. Bahrain\u2019s Bank ABC acquired Blom Bank\u2019s Egypt arm last August.<\/a><\/p>\n

EFG\u2019s <\/strong>one-time suitor<\/a><\/strong> Naguib Sawiris also praised the move: <\/strong>The offer will likely have a positive impact on the EGX\u2019s performance and could be a boon for the country\u2019s investment climate, Naguib Sawiris told Hapi Journal<\/a>.<\/p>\n

What\u2019s next? <\/strong>\u201cThe completion of the transaction and the final purchase price is conditional upon the completion of a satisfactory comprehensive due diligence on the company, and the receipt of the required regulatory approvals,\u201d EFG said in a disclosure to the EGX (pdf)<\/a> and the London<\/a> Stock Exchange. FAB has formally notified the Financial Regulatory Authority (FRA) of its offer, the regulator said yesterday in a disclosure (pdf)<\/a>.<\/p>\n

Following due diligence, a mandatory tender offer will be made to EFG shareholders<\/strong>, in line with EGX regulations, the FRA statement said.<\/p>\n

EFG to continue operating independently, say sources: <\/strong>FAB wants to keep the bank independent, Reuters<\/a> quoted sources it says has knowledge of the matter as saying. FAB\u2019s statement stressed \u201cthe outstanding reputation of EFG Hermes in regional and international markets and recognizes its strong management team, high standards of corporate governance, and strong brand equity. The offer also views the employees of the company as a vital component of the organization\u2019s ability to compete and succeed,\u201d EFG said in its statement.<\/p>\n

FAB wants to expand regional presence: <\/strong>The bank has \u201clong term strategic ambitions to become the reference institution for investment banking in the region,\u201d FAB said in its statement, adding that the potential transaction \u201cprovides enhanced scale, specialization, growth levers and revenue synergies, strengthening FAB\u2019s offering and regional presence.\u201d<\/p>\n

The offer comes on the back of solid earnings and operational achievements by EFG: <\/strong>The group\u2019s net income rose 26% y-o-y to EGP 1.1 bn in duringthe first nine months of 2021<\/a>, and revenues were up 8% y-o-y to EGP 4.0 bn, while growth of group operating expenses was controlled, inching down 1% y-o-y to EGP 2.5 bn in 9M2021. The leading financial institution also acquired a 51% stake in Arab Investment Bank in November, officially becoming a universal bank.<\/a><\/p>\n

Advisors:<\/strong> Rothschild & Co is advising FAB on the transaction, Reuters quoted unidentified sources as saying. Matouk Bassiouny & Hennawy are local legal advisors to FAB, the Emirati bank\u2019s FRA\u2019s filing said.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Abu Dhabi Bank wants EFG Hermes: First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn), the Emirati bank announced in a disclosure (pdf) to the ADX yesterday. FAB said […]<\/p>\n","protected":false},"author":1,"featured_media":543629,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[84,72,882,7128,883,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-efg-hermes","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-ma-watch","tag-matouk-bassiouny-hennawy","tag-uae","wpautop","entry"],"acf":{"mongo_id":"8d68b5eb-a11f-4c88-b404-0e64bb3de85d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/136.jpg","photo_position":"above","related_issue":[543624],"teaser":"","voice_url":""},"yoast_head":"\nFirst Abu Dhabi Bank makes play for EFG Hermes - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Abu Dhabi Bank makes play for EFG Hermes\" \/>\n<meta property=\"og:description\" content=\"First Abu Dhabi Bank wants EFG Hermes: First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. 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Sources said that \u201cGoldman Sachs Group Inc., Morgan Stanley and EFG-Hermes are helping\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543861,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/goldman-sachs-to-advise-efg-on-bid-by-fab-board-okays-start-of-due-diligence\/","url_meta":{"origin":543628,"position":3},"title":"Goldman Sachs to advise EFG on bid by FAB, board okays start of due diligence","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"Goldman Sachs and law firm White & Case will advise EFG Hermes\u2019 board of directors on a takeover bid by First Bank of Abu Dhabi (FAB), EFG said in a regulatory filing (pdf) that confirmed reports earlier this week that it was planning to tap the international investment bank.The board\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571404,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/fab-completes-due-diligence-on-bank-audi-egypt-acquisition-now-finalizing-its-offer\/","url_meta":{"origin":543628,"position":4},"title":"FAB completes due diligence on Bank Audi Egypt acquisition, now finalizing its offer","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"M&A WATCH- FAB completes due diligence on Bank Audi Egypt: First Abu Dhabi Bank (FAB) has completed due diligence on Bank Audi\u2019s Egypt arm and now finalizing its offer, a banking official with knowledge of the matter told Al Shorouk. FAB has persevered with the acquisition process despite the covid-19\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543804,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/is-goldman-sachs-being-tapped-to-advise-efg-on-fabs-acquisition-bid-plus-old-mutual-has-competition-for-lekela-stake\/","url_meta":{"origin":543628,"position":5},"title":"Is Goldman Sachs being tapped to advise EFG on FAB\u2019s acquisition bid? Plus: Old Mutual has competition for Lekela stake.","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"EFG Hermes plans to pick Goldman Sachs to advise shareholders on First Abu Dhabi Bank\u2019s (FAB) acquisition bid, Bloomberg reported over the weekend, quoting sources familiar with the matter. Goldman ranked first for transaction advisory services in the Middle East last year, according to Bloomberg data.EFG Hermes said it was\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543628"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543628\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543629"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543628"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543628"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}