First Abu Dhabi Bank P.J.S.C. (ADX:FAB) signed a definitive agreement to acquire Bank Audi SAE from Bank Audi sal (BDB:AUDI) on January 20, 2021. As at end-September 2020, Bank Audi SAE had total assets of EGP 83.2 billion ($5.3 billion) and shareholders' equity of EGP 7.6 billion ($479 million). FAB Egypt’s Chief Executive Officer, Mohamed Abbas Fayed, has been identified to be appointed as Country Chief Executive Officer of the combined entity, following an independent due diligence and selection process. The acquisition is subject to customary closing conditions, including regulatory approvals in the UAE and Egypt. The agreement follows the completion of an in-depth due diligence exercise conducted by FAB on Bank Audi SAE after obtaining the preliminary approval of the Central Bank of Egypt. As of April 21, 2021, regulatory approval was received, and First Abu Dhabi Bank announced that it has initiated the process of share transfer for 100% of the share capital of Bank Audi SAE. Once the share transfer is complete, FAB will begin integrating the assets and operations of Bank Audi SAE and FAB Egypt, with the integration process expected to be finalized in 2022. Central Bank of UAE (CBUAE) and Central Bank of Egypt (CBE) has approved the transaction. The transaction is expected to be completed within the next few months. On April 15, 2021, the conditions precedent to completion were satisfied. As of April 13, 2021, the transaction is expected to close before the end of 2021. As of April 22, 2021 the transaction is expected to be completed by 2022. The sale proceeds will contribute to the enhancement of Bank Audi’s capitalisation and financial resilience. First Abu Dhabi Bank acted as financial advisor, and Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy acted as legal advisors to FAB. EFG Hermes acted as sole financial advisor; and Christopher Field, Camille Abousleiman and James Stonehill of Dechert LLP; and Zulficar and Partners acted as legal advisors; and JPMorgan acted as fairness opinion provider to Bank Audi sal. UBS AG, London Branch acted as financial advisor to First Abu Dhabi Bank. Broadgate Advisers acted as financial advisor to Bank Audi sal. First Abu Dhabi Bank P.J.S.C. (ADX:FAB) completed the acquisition of Bank Audi SAE from Bank Audi sal (BDB:AUDI) for $600 million on April 28, 2021. First Abu Dhabi Bank P.J.S.C. will now begin integrating the assets and operations of Bank Audi sae (Egypt) and FAB Egypt, with the integration process expected to be completed in 2022.