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Asharq Al-Awsat

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Abu Dhabi - Asharq Al-Awsat

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

EFG Hermes EFG First Abu Dhabi Bank FAB Egypt

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First Abu Dhabi Bank (FAB) has withdrawn its offer for a controlling stake in Egyptian investment bank EFG Hermes, citing global market uncertainty.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

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