ABU DHABI: First Abu Dhabi Bank (FAB) has entered into exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt, Bank Audi Egypt.

 A working group has been formed to assess the potential acquisition. At the current time, no valuations have been announced and there is no certainty that these discussions will result in a transaction, which is subject to regulatory approvals.

The discussions are in line with the FAB’s strategy to pursue growth opportunities in the UAE and targeted markets.

FAB has one of the strongest combined credit ratings of any bank in the MENA region with global ratings of Aa3 from Moody’s, AA- from Standard & Poor’s (S&P) and AA- from Fitch. Its local currency programmes in Malaysian Ringgitt and Japanese Yen are rated AAA by RAM and AA- by R&I, respectively.

Founded in 1830 and registered in 1962 as a private joint stock company with limited liability, Bank Audi is one of the oldest financial institutions in the Lebanese market.

Bank Audi offers quality universal banking products and services in Lebanon, Turkey, MENA Region and Europe covering Corporate, Commercial, Individual and Private Banking services to a diversified client base mainly in the MENA region and Turkey.

Bank Audi tops Lebanese banks as per major banking aggregates and stands among the top Arab banking groups.

In addition to its birth in Lebanon and its historic presence in Switzerland and France, Bank Audi offers its quality banking and financial services in Egypt, Jordan, Saudi Arabia, Qatar, Abu Dhabi (through a representative office), Monaco and Turkey, and Iraq.