Audi Bank released an official announcement on May 18th 2020 in which it clarified its mutual agreement with First Abu Dhabi Bank (FAB) to stop the transaction concerned with the sale of its fully-owned subsidiary in Egypt (Bank Audi – Egypt).
The announcement clarified that the decision was largely “due to unprecedented circumstances and uncertain outlook relating to COVID-19 […]”. Nonetheless, negotiations and discussions were continued to be held between the two banks in the past few weeks leading to “significant progress on many points”.
Commenting on the termination of negotiations between the two parties which was largely attributed to the pandemic, CFO of Bank Audi Group Tamer Ghazaleh stated, “[…] we are very happy with the outcome of the negotiations that have confirmed the outstanding qualities of Bank Audi Egypt, and are proud that it remains a flagship of our Group.”
Source: Bank Audi