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First Abu Dhabi Bank stops potential acquisition of Bank Audi's Egyptian business

Reuters , Monday 18 May 2020
First Abu Dhabi Bank
First Abu Dhabi Bank
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First Abu Dhabi Bank (FAB) said on Monday it mutually agreed with Lebanon’s Bank Audi to stop the potential acquisition of its Egypt business, according to a statement.

FAB, which is Abu Dhabi’s biggest lender, said the decision was made as a result of “the unprecedented circumstances and the uncertain outlook relating to the COVID-19 pandemic,” the statement said late on Monday.

The bank also said the decision was in the best interests of its shareholders, customers and employees. 

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