January 23, 2020 / 3:21 PM / a month ago

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

FILE PHOTO: The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. REUTERS/Jamal Saidi

BEIRUT (Reuters) - Lebanon’s Bank Audi (AUDI.BY) said on Thursday it was in exclusive negotations with First Abu Dhabi Bank FAB.AD 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.

Reporting by Tom Perry and Tom Arnold; Editing by Elaine Hardcastle

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