First Abu Dhabi Bank PJSC made an offer to buy a majority stake in EFG Hermes, in what’s likely to be the biggest acquisition yet in Egypt by the UAE’s largest lender.
EFG Hermes, Egypt’s biggest investment bank, said it received a non-binding offer from First Abu Dhabi Bank for a stake of no less than 51%, according to a statement, confirming an earlier Bloomberg News report. FAB, as the UAE bank is known, offered 19 Egyptian pounds ($1.21) per share, a premium of about 21% to where EFG was trading before it was suspended on Wednesday.
