UAE's largest bank and one of the world’s largest and safest financial institutions, First Abu Dhabi Bank (FAB), has decided to withdraw its billion-dollar bid for Egypt’s biggest investment bank EFG-Hermes.
The decision was made "after careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions", according to a statement issued by the bank.
The lender's decision comes just a day after Abu Dhabi wealth fund ADQ announced buying stakes key Egyptian companies, including Egypt’s largest listed bank, as part of efforts to shore up the country’s economy.
FAB's non-binding offer was submitted on 9 February 2022. It offered 19 Egyptian pounds per share for EFG-Hermes and the deal was valued at $1.2 billion at the time.
