RNS Number : 5061D
Bank Audi S.A.L.
28 October 2020
Bank Audi
BEIRUT, October 28, 2020
Announcement
Resumption of talks for the sale of Bank Audi sae (Egypt)
Bank Audi has agreed with First Abu Dhabi Bank (FAB) to resume their exclusive negotiations for the sale of Bank Audi sae, its fully-owned subsidiary in Egypt, to FAB.
The two banks had envisaged the aforementioned transaction earlier this year, with significant progress made then, before stopping it due to the unprecedented circumstances created by the COVID-19 pandemic.
The resumed talks aim at building on the earlier progress, noting that the transaction remains subject to a final agreement and to the completion of the confirmatory due diligence review, as well as the receipt of regulatory approvals, including, in particular, the approval of the Central Bank of Egypt.
The proceeds of the sale will contribute to the enhancement of Bank Audi's liquidity and financial resilience.
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