First Abu Dhabi Bank withdraws its non-binding offer for majority stake in EFG Hermes Holding S.A.E.

After careful consideration and in the context of ongoing global market uncertainty and volatile macro-economic conditions, First Abu Dhabi Bank (FAB) has decided to withdraw its non-binding offer submitted on 9 February 2022, for a potential cash acquisition of a majority stake in EGX-listed financial services institution, EFG Hermes Holding S.A.E.

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 in Egypt.