First Abu Dhabi Bank (FAB) withdrew its offer to buy a controlling stake in Egyptian investment bank EFG Hermes.
“After careful consideration and in the context of ongoing global market uncertainty and volatile macroeconomic conditions, First Abu Dhabi Bank has decided to withdraw its non-binding offer submitted on 9 February 2022,” FAB said in a statement.
Shares in FAB fell by almost 2% while EFG Hermes slumped by almost a fifth. The share plunged to the maximum of 15% at the opening of trading in the Egyptian Stock Exchange and trading was stopped for 15 minutes, and after returning to trading, the stock’s loss worsened to about 20%.
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