{"id":559437,"date":"2021-01-21T03:45:47","date_gmt":"2021-01-21T03:45:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/21\/the-great-lebanese-bank-sell-off-act-ii\/"},"modified":"2021-01-21T03:45:47","modified_gmt":"2021-01-21T03:45:47","slug":"the-great-lebanese-bank-sell-off-act-ii","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/21\/the-great-lebanese-bank-sell-off-act-ii\/","title":{"rendered":"The Great Lebanese Bank Sell Off: Act II"},"content":{"rendered":"

<\/a> FAB is acquiring Bank Audi\u2019s Egypt arm:<\/strong> First Abu Dhabi Bank (FAB) has signed a final agreement to acquire 100% of Bank Audi\u2019s operations in Egypt and expects to complete the transaction in \u201cthe next few months,\u201d the banks said in a statement<\/a> yesterday.<\/p>\n

We don\u2019t know <\/strong>how much FAB is paying:<\/strong> The banks didn\u2019t disclose the value of the transaction. Chatter had previously put it in the neighborhood of USD 700 mn.<\/p>\n

FAB will <\/strong>become one of the largest foreign banks in Egypt<\/strong>:<\/strong> The Emirati lender assets will increase to EGP 120 bn (c. USD 8.1 bn) post-acquisition, making it one of the largest banks in Egypt in terms of assets, the statement said. FAB\u2019s branch count will more than triple to 70, adding Bank Audi\u2019s 53 branches to its existing 17. Audi\u2019s total assets were valued at EGP 83 bn (USD 5.3 bn) at the end of 3Q2020.<\/p>\n

Audi is going through tough times <\/strong>back in its home market<\/strong>:<\/strong> S&P<\/a> and Moody\u2019s<\/a> both downgraded Audi\u2019s credit rating further into junk status in 2019 following protests that threw the country\u2019s banking sector into a liquidity crisis. The transaction \u201crepresents a strong vote of confidence\u201d in the bank\u2019s governance and business model, bank chairman and CEO Samir Hanna said.<\/p>\n

What happens now?<\/strong> The acquisition is pending several procedural approvals from within the banks and final regulatory approvals from the Egyptian and Emirati central banks, the banks said.<\/p>\n

ADVISORS- <\/strong>EFG Hermes is sole financial advisor to Audi, with London law firm Dechert and Zulficar & Partners acting as legal advisors. FAB itself and UBS Group AG\u2019s London arm provided financial advisory services to FAB, and Matouk Bassiouny<\/a> and Freshfields Bruckhaus Deringer were legal counsel.<\/p>\n

That was Act II \u2014 but what happened in Act I?<\/strong> Another struggling Lebanese bank Blom also signed a final agreement<\/a> to sell off its Egypt assets earlier this week. Bahrain\u2019s Bank ABC agreed to purchase the subsidiary for EGP 6.7 bn and hopes to finalize the transaction during the first half of 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

FAB is acquiring Bank Audi\u2019s Egypt arm: First Abu Dhabi Bank (FAB) has signed a final agreement to acquire 100% of Bank Audi\u2019s operations in Egypt and expects to complete the transaction in \u201cthe next few months,\u201d the banks said in a statement yesterday. We don\u2019t know how much FAB is paying: The banks didn\u2019t […]<\/p>\n","protected":false},"author":1,"featured_media":559438,"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":[2037,204,72,503,882,108,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bank-audi","tag-banking","tag-enterpriseam","tag-financial-services","tag-first-abu-dhabi-bank","tag-lebanon","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"2cbdb0de-de0f-47f6-9c9d-a046cb51d58f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/262.jpg","photo_position":"above","related_issue":[559433],"teaser":"","voice_url":""},"yoast_head":"\nThe Great Lebanese Bank Sell Off: Act II - 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\/2021\/01\/21\/the-great-lebanese-bank-sell-off-act-ii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Great Lebanese Bank Sell Off: Act II\" \/>\n<meta property=\"og:description\" content=\"FAB is acquiring Bank Audi\u2019s Egypt arm: First Abu Dhabi Bank (FAB) has signed a final agreement to acquire 100% of Bank Audi\u2019s operations in Egypt and expects to complete the transaction in \u201cthe next few months,\u201d the banks said in a statement yesterday. 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Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the\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\/2021\/4\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561578,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/bank-audi-egypt-%e2%89%a0-fab-in-2q2021\/","url_meta":{"origin":559437,"position":2},"title":"Bank Audi Egypt \u2260 FAB in 2Q2021","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"First Abu Dhabi Bank is going to have to wait a while longer until it finalizes its acquisition of Bank Audi Egypt: FAB expects to complete its acquisition of Bank Audi Egypt before the end of 2021, FAB Egypt CEO Mohamed Abbas Fayed said, according to Al Mal. The Emirati\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567507,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/26\/first-abu-dhabi-bank-confirms-acquisition-talks-with-bank-audi\/","url_meta":{"origin":559437,"position":3},"title":"First Abu Dhabi Bank confirms acquisition talks with Bank Audi","author":"enterpriseam admin","date":"26 January 2020","format":false,"excerpt":"M&A WATCH- First Abu Dhabi Bank (FAB) has confirmed it is in talks to acquire Bank Audi\u2019s Egypt unit in a statement (pdf) to the Abu Dhabi stock market. The bank said that a \u201cworking group\u201d had been set up to evaluate the acquisition and that an agreement is in\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\/2020\/1\/690.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573759,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/17\/fab-bank-audi-egypts-acquisition-talks-to-resume-soon-sources\/","url_meta":{"origin":559437,"position":4},"title":"FAB, Bank Audi Egypt\u2019s acquisition talks to resume soon -sources","author":"enterpriseam admin","date":"17 August 2020","format":false,"excerpt":"M&A WATCH- FAB\u2019s acquisition of Bank Audi\u2019s Egypt operations may not be dead. Negotiations that could see First Bank of Abu Dhabi (FAB) acquire Bank Audi\u2019s Egypt arm are expected to resume soon as the covid-19 pandemic has subsided, Masrawy reports, citing banking sources with ties to the transaction. Talks\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":574338,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/07\/fab-restarts-talks-to-acquire-bank-audi-egypt-sources\/","url_meta":{"origin":559437,"position":5},"title":"FAB restarts talks to acquire Bank Audi Egypt -sources","author":"enterpriseam admin","date":"7 September 2020","format":false,"excerpt":"M&A WATCH- FAB revives talks to acquire Bank Audi Egypt: First Abu Dhabi Bank (FAB) is reportedly planning to re-enter talks to acquire Bank Audi\u2019s Egypt assets, Reuters reported, citing two sources familiar with the matter. 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