{"id":561827,"date":"2021-04-22T03:31:57","date_gmt":"2021-04-22T03:31:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/"},"modified":"2021-04-22T03:31:57","modified_gmt":"2021-04-22T03:31:57","slug":"fab-begins-share-transfer-in-bank-audi-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/","title":{"rendered":"FAB begins share transfer in Bank Audi acquisition"},"content":{"rendered":"

<\/a> First Abu Dhabi Bank (FAB) has begun the share transfer process in its<\/strong> acquisition of 100% of Bank Audi\u2019s Egypt operations<\/strong>, FAB said in astatement (pdf)<\/a>. Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the two banks expected to become fully integrated in 2022<\/strong>. FAB Egypt\u2019s CEO Mohamed Abbas Fayed (LinkedIn<\/a>) will be appointed as country CEO of the combined entity, according to the statement. The value of the transaction has yet to be made public.<\/strong><\/p>\n

FAB is jockeying for position among the ranks of top foreign lenders in Egypt:<\/strong> FAB now expects to have pro-forma total assets worth more than EGP 130 bn post-acquisition, compared to the previously reported EGP 120 bn, making it one of Egypt\u2019s largest foreign banks in terms of assets, the statement read. FAB\u2019s branch count will more than triple to 70, adding Bank Audi\u2019s 53 branches to its existing 17.<\/p>\n

Background:<\/strong> FAB had signed in January afinal agreement<\/a> to fully acquire Bank Audi\u2019s operations in Egypt. Fayed said earlier this month<\/a> that FAB is still waiting for the Egyptian and Emirati central banks to sign off on the transaction, but expects to complete the acquisition by the end of 2021. Bank Audi and Lebanese rival Blom Bank are both exiting Egypt as they go through a tough time in their home market, which has been grappling for months with liquidity issues.<\/p>\n

Advisors:<\/strong> FAB and UBS AG are buy-side financial advisors, while EFG Hermes was the sole sell-side financial advisor. Freshfields Bruckhaus Deringer and Matouk Bassiouny & Hennawy were legal advisors to FAB on the transaction, while Dechert as well as Zulficar and Partners were counsel to Bank Audi. JPMorgan gave Bank Audi a fairness opinion, while Broadgate Advisors also offered advisory services to the bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

First Abu Dhabi Bank (FAB) has begun the share transfer process in its acquisition of 100% of Bank Audi\u2019s Egypt operations, FAB said in astatement (pdf). Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the two banks expected to become […]<\/p>\n","protected":false},"author":1,"featured_media":561828,"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":[72,882,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-first-abu-dhabi-bank","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"eb1b0f90-8b66-49c2-a2d9-5128a0be09c6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/230.jpg","photo_position":"above","related_issue":[561821],"teaser":"","voice_url":""},"yoast_head":"\nFAB begins share transfer in Bank Audi acquisition - 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\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAB begins share transfer in Bank Audi acquisition\" \/>\n<meta property=\"og:description\" content=\"First Abu Dhabi Bank (FAB) has begun the share transfer process in its acquisition of 100% of Bank Audi\u2019s Egypt operations, FAB said in astatement (pdf). Once the share transfer is complete, FAB will begin merging the assets and operations of both Bank Audi Egypt and FAB Egypt, with the two banks expected to become […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-22T03:31:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/230.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FAB begins share transfer in Bank Audi acquisition\",\"datePublished\":\"2021-04-22T03:31:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\"},\"wordCount\":311,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/230.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"First Abu Dhabi Bank\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/fab-begins-share-transfer-in-bank-audi-acquisition\/\",\"name\":\"FAB begins share transfer in Bank Audi acquisition - 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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":573796,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/bank-audi-denies-reports-of-resumed-acquisition-talks-with-fab\/","url_meta":{"origin":561827,"position":2},"title":"Bank Audi denies reports of resumed acquisition talks with FAB","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"M&A WATCH- Bank Audi has not resumed talks with suitors interested in its Egypt assets since its shelved negotiations with First Abu Dhabi Bank (FAB) in May, CEO and Managing Director Mohamed Bedeir said, according to Al Masry Al Youm. The local press had suggested earlier this week that the\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":559437,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/21\/the-great-lebanese-bank-sell-off-act-ii\/","url_meta":{"origin":561827,"position":3},"title":"The Great Lebanese Bank Sell Off: Act II","author":"enterpriseam admin","date":"21 January 2021","format":false,"excerpt":"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\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\/1\/262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568711,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/mas-bank-audi-banking-first-abu-dhabi-bank-employee-rights\/","url_meta":{"origin":561827,"position":4},"title":"M&As, Bank Audi, banking, First Abu Dhabi Bank, employee rights","author":"enterpriseam admin","date":"2 February 2020","format":false,"excerpt":"M&A WATCH- FAB will keep Bank Audi employees on board if its acquisition goes through -banking sources: First Abu Dhabi Bank (FAB) intends to keep Bank Audi\u2019s 1,700 employees if it closes ongoing talks to acquire the Lebanon-based bank\u2019s operations in Egypt, industry sources told Masrawy. The acquisition talks, which\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":573759,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/17\/fab-bank-audi-egypts-acquisition-talks-to-resume-soon-sources\/","url_meta":{"origin":561827,"position":5},"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. 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