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First Abu Dhabi Bank Withdraws Offer to Buy Controlling Stake in Egypt's EFG Hermes

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First Abu Dhabi Bank Withdraws Offer to Buy Controlling Stake in Egypt's EFG Hermes

Friday, 15 April, 2022 - 09:15
First Abu Dhabi Bank (FAB).

First Abu Dhabi Bank (FAB) has withdrawn its offer for a controlling stake in Egyptian investment bank EFG Hermes, citing global market uncertainty.


“After careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer submitted on February 9,” the lender said in a statement on Thursday. “Egypt remains a strategically important market for FAB.”


FAB made a non-binding offer to buy at least 51% in EFG Hermes for 19 Egyptian pounds ($1.21) a share. The offer valued the North African lender at 18.5 billion Egyptian pounds ($1.18 billion).


Shares in FAB fell by almost 2% in early trade, while EFG Hermes slumped by almost a fifth. EFG was trading at 15.46 Egyptian pounds ($0.8420), compared with FAB's offer of 19 pounds per share.


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