FAB begins share transfer in Bank Audi’s Egypt subsidiary acquisition
First Abu Dhabi Bank (FAB) has begun the share transfer process in its acquisition of 100 percent of Bank Audi‘s Egypt subsidiary, FAB announced on Wednesday.
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 by 2022.
FAB Egypt’s CEO Mohamed Abbas Fayed 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.
FAB is looking for position among the ranks of top foreign lenders in Egypt. The bank now expects to have pro-forma total assets worth more than 130 billion Egyptian pounds ($8.3 billion) after the acquisition, compared to the previously reported 120 billion pounds, making it one of Egypt’s largest foreign banks in terms of assets, the statement read.
FAB’s branch count will more than triple to 70, adding Bank Audi’s 53 branches to its existing 17.
EFG Hermes acted as sole financial adviser, while Dechert LLP and Zulficar and Partners were the legal advisers to Bank Audi on the transaction. JPMorgan rendered a Fairness Opinion to Bank Audi, while Broadgate Advisors offered advisory services to Bank Audi in connection with the transaction.
First Abu Dhabi Bank and UBS AG (London Branch) acted as financial advisers, while Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny &Hennawy acted as legal advisers to FAB on the transaction.