Lebanon’s Bank Audi in talks with UAE’s FAB to sell Egyptian unit

People use automatic teller machines (ATM) at Bank Audi in the center of the Lebanese capital Beirut on November 19, 2019. (File photo: AFP)

Lebanon’s Bank Audi said on Thursday it was in exclusive negotiations with First Abu Dhabi Bank to sell its Egyptian unit in a move aimed at boosting its liquidity and financial resilience.

Talks with the United Arab Emirates’ largest bank were still at an early stage, with no definitive agreement reached, it said in a statement, adding it had no current intention to engage in talks to sell any other overseas subsidiary.

Last Update: Wednesday, 20 May 2020 KSA 14:06 - GMT 11:06