Deutsche Bank appoints new manager to Riyadh branch

Deutsche Bank appoints new manager to Riyadh branch
Deutsche Bank appoints new manager to Riyadh branch

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Jeddah - Yasmine El Tohamy - CAIRO: First Abu Dhabi Bank and Bank Audi Lebanon have announced the signing of a final agreement to acquire 100 percent of Bank Audi Egypt’s capital.

The two banks said in a joint statement that the acquisition agreement came after the completion of an in-depth data-checking process and due diligence examination by First Abu Dhabi Bank.

The acquisition process is expected to be completed within the next few months, after fulfilling several conditions, including obtaining final approvals from the bank, the Egyptian central bank and the necessary regulatory and supervisory authorities in both the UAE and Egypt.

The deal will significantly increase the volume of First Abu Dhabi Bank’s activity in Egypt and will make it one of the largest foreign banks operating in the country in terms of assets, with its value exceeding EGP 120 billion ($8.1 billion) after consolidation. The proceeds from the sale will contribute to enhancing Bank Audi Group's financial resilience.

Bank Audi Egypt had total assets of EGP 83.2 billion by the end of September 2020, while total shareholders’ equity reached EGP 7.6 billion.

First Abu Dhabi Bank has operated in Egypt since 1975 and currently has 17 branches across the country. Bank Audi Egypt operates an additional 53 branches.

First Abu Dhabi Bank and the London branch of UBS AG worked as financial advisors for the acquisition, while Freshfields Bruckhaus Deringer and Matouk Bassiouni and Hinnawi served as legal advisors to First Abu Dhabi Bank.

EFG Hermes acted as the only financial advisor to Bank Audi in the acquisition, while both Dechert LLP and Zulficar and Partners acted as legal advisors to Bank Audi.

“First Abu Dhabi Bank has a long history in Egypt, as the bank opened its first branch in Egypt more than 45 years ago to contribute to accelerating the growth of the group’s business in markets that have promising potential,” said André Sayegh, First Abu Dhabi Bank Group CEO.

“This acquisition represents the best results that we have reached for the benefit of all our partners, especially our customers and our employees in Egypt, as a result of the challenges that Lebanon has been facing for the past 16 months and the effectiveness of the business model and governance that Bank Audi Group has established in the region,” said Samir Hanna, Bank Audi Group CEO.

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