10.41 PM Tuesday, 26 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:52 06:05 12:13 15:36 18:15 19:28
26 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 39 °

Bank Audi in merger talks with EFG

By Agencies



Lebanon's Bank Audi said on Tuesday it was holding talks with Egypt's EFG-Hermes investment bank about a possible merger.

Shares in Bank Audi, one of Lebanon's two largest banks, rose 8.9 per cent to $87.20 on Monday, driven by rumours of a merger, but the bank's London-listed GDR was trading 2.5 per cent lower on Tuesday.

Bank Audi said if the merger succeeded, it would "generate significant commercial and financial synergies" but emphasised that talks were still at a preliminary stage.

Shares in EFG rose 1.3 per cent to 58 Egyptian pounds ($10.56). There was no immediate comment from the investment bank.

Bank Audi said any deal would be conditional on obtaining necessary shareholder and regulatory approval, including the Lebanese central bank's consent. (Reuters)