Last Update 11:55
Wednesday, 26 February 2020

Lebanon's Bank Audi chooses Egypt's EFG Hermes as financial advisor in deal to sell its Egypt unit

The bank said on Thursday it was in exclusive negotiations with First Abu Dhabi Bank to sell its Egyptian unit

Reuters , Sunday 26 Jan 2020
EFG Hermes
EFG Hermes's HQ. (Photo: AO)
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Lebanon’s Bank Audi has appointed Egypt’s EFG Hermes as a financial advisor and Zulficar and Partners Law Firm as a legal advisor in a deal to sell its Egyptian unit, financial newspaper Al-Mal reported on Sunday.

The bank said on Thursday it was in exclusive negotiations with First Abu Dhabi Bank to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.

Hermes declined to comment to emailed questions on the appointment.

Talks with the United Arab Emirates’ largest bank were still at an early stage, with no definitive agreement reached, Bank Audi said in a statement on Thursday, adding it had no current intention to engage in talks to sell any other overseas subsidiary.

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