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.
Egypt finance
An employee at al-Gameya, a tech startup that runs an app to facilitate for strangers to create an informal money-pooling association, points to the application's online portal at the company offices in Egypts capital Cairo on Sept. 12, 2021. - KHALED DESOUKI/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

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.” 

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