Abu Dhabi bank withdraws offer to buy Egypt's EFG Hermes
The Russian invastion of Ukraine has promted a shift away from emerging markets worldwide.
First Abu Dhabi Bank (FAB) today withdrew its offer to buy the Egyptian investment bank EFG Hermes.
FAB said in a press release that the decision followed consideration of the "context of ongoing global market uncertainty and volatile macro-economic conditions.”
The release added, “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.”
In February, FAB offered to buy EFG Hermes’ shares in cash for a minimum 51% stake in the company.
