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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

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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