Home GCC UAE UAE lender First Abu Dhabi Bank pulls bid for Egypt’s EFG-Hermes FAB had offered to buy a majority stake in EFG-Hermes in February by Bloomberg April 14, 2022 Follow us Follow on Google News Follow on Facebook Follow on Instagram Follow on X Follow on LinkedIn First Abu Dhabi Bank withdrew its offer to buy a majority stake in Egypt’s biggest investment bank EFG-Hermes, citing global market volatility amid Russia’s invasion of Ukraine. FAB had offered to buy a majority stake in EFG-Hermes, valuing the firm at $1.2bn in February. The deal was set to be the biggest acquisition yet in Egypt by the UAE’s largest lender. Read: First Abu Dhabi Bank makes offer to acquire majority stake in EFG Hermes Holding “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,” FAB said in a statement on Thursday. “Egypt remains a strategically important market for FAB, where the bank will continue to support its customers and employees and continue to invest in the growth of its well-established partnerships and operations.” FAB shares fell as much as 1.7 per cent in Abu Dhabi on Thursday. Tags EFG Hermes Egypt First Abu Dhabi Bank UAE 0 Comments You might also like UAE, Ukraine sign CEPA deal during Zelensky’s Abu Dhabi visit Emirates Global Aluminium to explore clean energy development in Indonesia UAE’s Fujairah marine fuel sales extend monthly climb UAE ranks in top 10 nations with most AI firms per capita