Lebanon’s Bank Audi has selected Egypt’s investment bank EFG Hermes as its financial advisor and Zulficar and Partners Law Firm as a legal advisor in a deal to sell its Egyptian unit, Reuters reported on Monday.
Bank Audi confirmed on Thursday its negotiations with First Abu Dhabi Bank (FAB) to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.
Hermes declined to comment to emailed questions by Reuters on the appointment news.
Talks with FAB, UAE’s largest bank, were still at an early stage, with no definitive agreement reached, Bank Audi said in its Thursday statement, adding it had no current intention to engage in talks to sell any other overseas subsidiary.