First Abu Dhabi Bank P.J.S.C. (ADX:FAB) confirmed on January 23, 2020 that it is in exclusive discussions with Bank Audi to acquire its fully-owned subsidiary in Egypt, Bank Audi SAE. FAB said that a group has been formed to assess the potential acquisition, but no valuations have been announced so far. It added that “there is no certainty that these discussions will result in a transaction". The bank said the talks around the acquisition are in line with its strategy to pursue growth opportunities in the UAE and other targeted markets.