{"id":571599,"date":"2020-05-18T03:56:40","date_gmt":"2020-05-18T03:56:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/"},"modified":"2020-05-18T03:56:40","modified_gmt":"2020-05-18T03:56:40","slug":"fab-places-bank-audi-egypt-acquisition-on-ice","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/","title":{"rendered":"FAB places Bank Audi Egypt acquisition on ice"},"content":{"rendered":"

<\/a> M&A WATCH- First Bank of Abu Dhabi (FAB) has put on ice its plan to acquire Bank <\/strong>Audi<\/strong>\u2019s Egypt assets due to market conditions, Reuters reports<\/a>, citing unnamed sources. One source, who said the pact was worth USD 700 mn, told the newswire that it is prioritizing supporting the UAE economy due to the covid-19 pandemic.<\/p>\n

We\u2019ll find out more in the coming hours:<\/strong> FAB and Bank Audi will issue a joint statement today or tomorrow confirming the status of negotiations, Masrawy reports<\/a>, citing sources close to the matter.<\/p>\n

Background:<\/strong> FAB said last week<\/a> that it had completed due diligence on Bank Audi\u2019s Egypt arm and was finalizing its offer. A senior executive said in February that the bank will make a final decision on whether to proceed with the acquisition after completing due diligence. FAB has pursued the acquisition despite the covid-19 outbreak<\/a> after receiving the greenlight from the Central Bank of Egypt in January<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- First Bank of Abu Dhabi (FAB) has put on ice its plan to acquire Bank Audi\u2019s Egypt assets due to market conditions, Reuters reports, citing unnamed sources. One source, who said the pact was worth USD 700 mn, told the newswire that it is prioritizing supporting the UAE economy due to the covid-19 […]<\/p>\n","protected":false},"author":1,"featured_media":571600,"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":[271,72,5149,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-enterpriseam","tag-first-bank-of-abu-dhabi","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9dd8ccb0-3923-4a4f-9778-282edc5dd4c7","is_powered_by":true,"section_story_id":"94b196e3-d276-4bda-804d-a1d65b1fdd3e","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/187.jpg","photo_position":"above","related_issue":[571591],"teaser":"","voice_url":""},"yoast_head":"\nFAB places Bank Audi Egypt acquisition on ice - 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\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FAB places Bank Audi Egypt acquisition on ice\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- First Bank of Abu Dhabi (FAB) has put on ice its plan to acquire Bank Audi\u2019s Egypt assets due to market conditions, Reuters reports, citing unnamed sources. One source, who said the pact was worth USD 700 mn, told the newswire that it is prioritizing supporting the UAE economy due to the covid-19 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-18T03:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/187.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FAB places Bank Audi Egypt acquisition on ice\",\"datePublished\":\"2020-05-18T03:56:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\"},\"wordCount\":167,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/5\/187.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"EnterpriseAM\",\"First Bank of Abu Dhabi\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/fab-places-bank-audi-egypt-acquisition-on-ice\/\",\"name\":\"FAB places Bank Audi Egypt acquisition on ice - 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FAB executives are due to hold an internal meeting soon to decide on a\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\/9\/79.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571630,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/fab-bank-audi-confirm-pause-on-acquisition-talks\/","url_meta":{"origin":571599,"position":1},"title":"FAB, Bank Audi confirm pause on acquisition talks","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"M&A WATCH- FAB, Bank Audi confirm acquisition talks are on ice: Bank Audi and First Bank of Abu Dhabi (FAB) yesterday confirmed (pdf) earlier reports that FAB\u2019s acquisition of Bank Audi\u2019s Egypt unit would be put on hold because of the coronavirus. The bank said it had agreed with Bank\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":571599,"position":2},"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":568671,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/30\/cbe-green-lights-first-abu-dhabi-bank-due-diligence-on-bank-audi\/","url_meta":{"origin":571599,"position":3},"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":560543,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/03\/bank-audi-egypt-fab-in-2q2021\/","url_meta":{"origin":571599,"position":4},"title":"Bank Audi Egypt = FAB in 2Q2021","author":"enterpriseam admin","date":"3 March 2021","format":false,"excerpt":"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%\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\/3\/78.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":571599,"position":5},"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. 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