UAE’s Abu Dhabi Islamic Bank (ADIB) said Monday that it had acquired an additional 2.4% stake in its Egyptian unit, ADIB Egypt, in a deal valued at $6.3 million (EGP 155.32 million).
ADIB acquired 9.6 million shares in ADIB Egypt at an average price of $0.65 (EGP 16.18) per share and the deal increased the Abu Dhabi-based lender’s holding to 52.61% from 50.20%. ADIB Egypt reported a net profit of EGP 1.58 billion in the first nine months of 2022 from EGP 1.06 billion in the same period a year earlier.
EFG Hermes acted as a broker in the transaction.
The increase in ADIB’s ownership in its Egyptian unit follows the integration of FABMISR’s banking services with Bank Audi Egypt. First Abu Dhabi Bank completed its legal merger of Bank Audi Egypt, which will involve all the bank’s assets in Egypt, with its Egyptian unit FABMISR last June.
The merger and acquisition deals are expected to contribute to strengthening the North African country’s investment opportunities.
