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  • Date of publication: 31 August 2020
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  • Lebanon's Bank Audi in talks with UAE's FAB to sell Egyptian unit

    Synopsis

    Lebanon’s Bank Audi said on Thursday it was in exclusive negotations with First Abu Dhabi Bank FAB.AD to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.

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Description

Lebanon’s Bank Audi said on Thursday it was in exclusive negotations with First Abu Dhabi Bank FAB.AD to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.

Talks with the United Arab Emirates’ largest bank were still at an early stage, with no definitive agreement reached, it said in a statement, adding it had no current intention to engage in talks to sell any other overseas subsidiary.