{"id":567135,"date":"2020-01-14T03:59:46","date_gmt":"2020-01-14T03:59:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/bank-audi-denies-media-reports-that-it-is-planning-egypt-exit\/"},"modified":"2020-01-14T03:59:46","modified_gmt":"2020-01-14T03:59:46","slug":"bank-audi-denies-media-reports-that-it-is-planning-egypt-exit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/bank-audi-denies-media-reports-that-it-is-planning-egypt-exit\/","title":{"rendered":"Bank Audi denies media reports that it is planning Egypt exit"},"content":{"rendered":"

<\/a> M&A WATCH- <\/strong>Bank Audi yesterday denied media reports that it is planning to exit Egypt<\/strong> as it continues to grapple with tumult in its home market of Lebanon. An official at the bank\u2019s investor relations department told the local press<\/a> that its Egypt arm is one of its best performing assets and that nobody at the company has floated the idea of an asset sale.<\/p>\n

Al Arabiya reported<\/a><\/strong> yesterday that Bank Audi was looking to shop its Egyptian operations<\/strong> as part of a restructuring plan due to the ongoing economic crisis in Lebanon. The news outlet did not source its report.<\/p>\n

Audi has already received several offers for its Egyptian arm<\/strong>, a separate report from Al Mal<\/a> claims, citing sources it said were familiar with the matter. The report stressed that the offers remain proposals and that the bank had not made a final decision to exit the market.<\/strong> Audi has assets in Egypt of close to USD 3.9 bn, nearly 8.2% of the bank\u2019s total, according to its latest annual financials.<\/p>\n

Bank hasn\u2019t sought CBE approval to exit: <\/strong>The Central Bank of Egypt said yesterday that Bank Audi had not sought approval to sell its Egypt business, Reuters reported<\/a>.<\/p>\n

Audi remains in the news as it still looks to close its <\/strong>stalled acquisition<\/a><\/strong> of the National Bank of Greece\u2019s Egypt arm. <\/strong>Yesterday\u2019s news came just a day after local press reports<\/a> hinted that Bank Audi was moving closer to acquiring NBG. Banking sources told Al Mal that the Lebanese bank had begun calling the shots over NBG\u2019s transactions with large clients. This seemed to indicate progress on the acquisition in spite of NBG\u2019s employee pay dispute<\/a> preventing the banks from securing CBE approval by the 2 November deadline.<\/p>\n

Lebanon\u2019s financial system has been on the brink since anti-government protests broke out last October.<\/strong> Fears that the banking sector faced imminent collapse in November led to the effective imposition of capital controls<\/a> to prevent money fleeing the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Bank Audi yesterday denied media reports that it is planning to exit Egypt as it continues to grapple with tumult in its home market of Lebanon. An official at the bank\u2019s investor relations department told the local press that its Egypt arm is one of its best performing assets and that nobody at […]<\/p>\n","protected":false},"author":1,"featured_media":567136,"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":[8572],"tags":[2037,72,7087,108,7128,127,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bank-audi","tag-enterpriseam","tag-finance","tag-lebanon","tag-ma-watch","tag-politics","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"88ddb85d-ab24-4691-92f9-f75fe4c9d301","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/591.jpg","photo_position":"above","related_issue":[567130],"teaser":"","voice_url":""},"yoast_head":"\nBank Audi denies media reports that it is planning Egypt exit - 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\/2020\/01\/14\/bank-audi-denies-media-reports-that-it-is-planning-egypt-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Audi denies media reports that it is planning Egypt exit\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Bank Audi yesterday denied media reports that it is planning to exit Egypt as it continues to grapple with tumult in its home market of Lebanon. 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Confirming original\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\/606.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567243,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/bank-audi-in-talks-with-investors-over-sale-of-egypt-unit\/","url_meta":{"origin":567135,"position":1},"title":"Bank Audi in talks with investors over sale of Egypt unit","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"M&A WATCH- Bank Audi remains in Egypt \u2014 for now: Bank Audi has not officially filed a request to exit the Egyptian market but is in discussions with several parties on a potential sale of its Egypt unit to secure funding for its main office in Lebanon, Al Mal reported,\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":567551,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/first-abu-dhabi-bank-wants-to-start-formal-evaluation-of-bank-audis-egypt-arm\/","url_meta":{"origin":567135,"position":2},"title":"First Abu Dhabi Bank wants to start formal evaluation of Bank Audi\u2019s Egypt arm","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"M&A WATCH- FAB wants to start formal evaluation of Bank Audi\u2019s Egypt arm: First Abu Dhabi Bank (FAB) has sent a request to the Central Bank of Egypt (CBE) to begin a formal evaluation of Bank Audi as FAB moves closer to acquiring the Lebanese bank\u2019s Egypt unit, CBE Deputy\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\/702.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570488,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/first-abu-dhabi-bank-pushes-ahead-with-bank-audi-egypt-acquisition\/","url_meta":{"origin":567135,"position":3},"title":"First Abu Dhabi Bank pushes ahead with Bank Audi Egypt acquisition","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"M&A WATCH- First Abu Dhabi Bank pushes ahead with Bank Audi Egypt acquisition: First Abu Dhabi Bank (FAB) is proceeding with its attempt to acquire Bank Audi\u2019s Egypt arm undeterred by the economic upheaval caused by the covid-19 pandemic, Al Mal reports, citing an unnamed source with knowledge of 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":568671,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/cbe-green-lights-first-abu-dhabi-bank-due-diligence-on-bank-audi\/","url_meta":{"origin":567135,"position":4},"title":"CBE green-lights First Abu Dhabi Bank due diligence on Bank Audi","author":"enterpriseam admin","date":"30 January 2020","format":false,"excerpt":"M&A WATCH- CBE green-lights First Abu Dhabi Bank due diligence on Bank Audi: The Central Bank of Egypt (CBE) has given the go-ahead to First Abu Dhabi Bank (FAB) to conduct due diligence on Bank Audi\u2019s Egypt arm ahead of a potential acquisition, unnamed sources were quoted by Masrawy as\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\/764.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571684,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/bank-audi-shelves-exit-plans-indefinitely\/","url_meta":{"origin":567135,"position":5},"title":"Bank Audi shelves exit plans indefinitely","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"M&A WATCH- Bank Audi will not be leaving Egypt anytime soon: Lebanon\u2019s Bank Audi has postponed indefinitely its plans to exit Egypt after acquisition talks with First Abu Dhabi Bank (FAB) stalled earlier this week, Masrawy reported, quoting unnamed sources. 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