FAB’s 1st global acquisition will enhance its Egyptian organization to a lot more than $8 billion in property, whilst the sale proceeds will support Financial institution Audi’s capitalization and economical resilience, the financial institutions reported in a joint statement on Wednesday.
The sale of Bank Audi’s belongings in Egypt arrives as Lebanese banking companies are encounter the country’s worst monetary crisis since its civil war. Bahrain’s Bank ABC this week mentioned it had agreed to buy the Egyptian subsidiary of Lebanon’s Blom Lender for 6,700 million Egyptian lbs ($427.30 million).