First Abu Dhabi Bank (FAB) withdrew its offer to acquire a controlling stake in EFG Hermes on Thursday.
In a statement to the Abu Dhabi Financial Market, FAB said that after careful study and in light of the continuing instability in global markets and economies, the bank decided to withdraw the non-binding offer submitted on 9 February 2022 regarding the possible acquisition of a majority stake in the financial group.
Hermes Holding is one of the financial services institutions listed on the Egyptian Stock Exchange.
FAB added that the Egyptian market will remain strategically important to the bank and that it will continue to support its customers, employees, and investments in developing its well-established partnerships and operations in the Arab Republic of Egypt.
