EFG Hermes Continues Its Longest Streak Of Deals In A Year With Successful Completion Of Its Advisory On The Sale Of Bank Audi S.A.E. To First Abu Dhabi Bank PJSC
The acquisition will see FAB consolidate Bank Audi S.A.E's total assets of EGP85.6 billion (as of December 2020) and its well-established retail and corporate banking operations across a network of 53 branches.
EFG Hermes, the leading financial services corporation in frontier emerging markets, has announced that its Investment Banking team successfully completed advisory to Bank Audi S.A.L (Bank Audi) on its sale of 100% of the share capital of its Egypt-based subsidiary, Bank Audi S.A.E, to First Abu Dhabi Bank PJSC (FAB), following the receipt of the necessary regulatory approvals.
The acquisition will see FAB consolidate Bank Audi S.A.E’s total assets of EGP85.6 billion (as of December 2020) and its well-established retail and corporate banking operations across a network of 53 branches. FAB has been operational in Egypt since 1975 and following the acquisition, it will be positioned as one of the largest foreign banks by assets in Egypt’s banking sector, with pro-forma total assets of more than EGP130 billion (US$8.5 billion) as of December 2020.
With EFG Hermes acting as sole financial advisor to Bank Audi, this acquisition marks the ninth transaction by the entity’s Investment Banking team in 2021, following the execution of two M&A transactions, two initial public offerings, and four debt transactions across its MENA footprint. The deal marks the ninth transaction by EFG Hermes’ Investment Banking division in 2021, and it is a continuation of the team’s longest streak of deals in a single year, which reached an all-time high of 24 transactions in 2020, with an aggregate value of $1.7 billion.
Commenting on the deal, Mostafa Gad, Co-Head of Investment Banking at EFG Hermes, said: “We are very pleased to have taken a vital role in supporting Bank Audi in the sale process of its Egyptian subsidiary... We are proud to have contributed to this landmark transaction in such a strategic sector of the Egyptian economy.”