Termination of talks for the sale of a subsidiary
Updated : 16:33
Bank Audi
Beirut, May 18, 2020
ANNOUNCEMENT
TALKS FOR THE SALE OF BANK AUDI SAE (EGYPT) STOPPED
Bank Audi announced today that it has mutually agreed with First Abu Dhabi Bank (FAB) to stop the transaction process regarding the sale to FAB of its fully-owned subsidiary in Egypt (Bank Audi-Egypt), due to the unprecedented circumstances and uncertain outlook relating to the COVID-19 pandemic.
The two banks have held productive discussions over the past few weeks, with significant progress made on many points. Bank Audi would like to thank the FAB team for their support and cooperation during the diligence and the broader transaction process.
Commenting on the termination of the negotiations, Bank Audi's Group CFO Tamer Ghazaleh stated "Despite the absence of a concluding transaction, that was made impossible by the Covid-19 pandemic, we are very happy with the outcome of the negotiations that have confirmed the outstanding qualities of Bank Audi Egypt, and are proud that it remains a flagship of our Group."
**************
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.