First Abu Dhabi Bank Said to Pull EFG Bid Over Regulatory Delays
- EFG-Hermes shares slump as much as 20% in Cairo trading
- FAB blames market volatility amid Russia’s invasion of Ukraine
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First Abu Dhabi Bank PJSC withdrew its billion-dollar bid for investment bank EFG-Hermes after facing lengthy regulatory delays in Egypt, people familiar with the matter said.
Egypt’s regulator was slow and imposed new demands on FAB, the people said, declining to be identified as the matter is private. The United Arab Emirates-based lender would have been unable to complete the deal within a planned timeframe, they said.