RIYADH: UAE lender First Abu Dhabi Bank has set the wheels in motion for the purchase of a 51 percent stake in Egypt’s Investment bank EFG Hermes, which could be its biggest acquisition in Egypt.
The bank. also known as FAB, offered $1.20 per share, valuing EFG Hermes at $1.2 billion, it said in a press release.
It has also submitted an official request to Egypt’s Financial Supervisory Authority to obtain its approval to start a due diligence examination for the deal
“We are studying the documents submitted, and the authority will issue its decision when the authority’s specialists have finished examining the submitted papers,” according to Mohamed Omran, Chairman of the Authority’s Board of Directors for FSA told Asharq.
First Abu Dhabi Bank expanded into Egypt last year through the purchase of bank Audi’s local unit, as part of its strategy to expand overseas.