FAB declines to comment on media report of restarting Bank Audi Egypt takeover talks

Any updates to provide in 'due course' - First Abu Dhabi Bank statement

First Abu Dhabi Bank (FAB) declined to comment on Monday on media reports that said the UAE lender plans to restart discussions to buy the Egyptian unit of Lebanon’s Bank Audi.

FAB, UAE’s biggest bank, said it “does not comment on market rumours or speculation.”

“… any future updates with regards to the potential acquisition of Bank Audi Egypt will be provided to the market in due course.” said a FAB statement, which was released through the Abu Dhabi Stock Exchange.

Bank Audi Egypt has grown from a three-branch operation acquired by Bank Audi in 2005 to 50 branches with total assets of $4.4 billion as of the end of September 2019.

Earlier on Sunday, Reuters cited two sources as saying that FAB plans to restart discussions to buy the Egyptian unit of Lebanon’s Bank Audi.