First Abu Dhabi Bank (FAB) has tabled a non-binding offer for a majority stake in Egyptian investment firm EFG Hermes. The bid, from UAE’s largest bank, is a cash acquisition of a 51% share at an indicative price of EGP19 (US$1.21) per share, which values the firm at $1.18 billion. The deal is subject to “a satisfactory comprehensive due diligence on the company” and regulatory approval, according to a statement. The statement also refers to the “outstanding reputation of EFG Hermes in international markets, and the inclusion of the company’s employees as a “vital component of the organisation’s ability to compete and succeed. UAE-based banks have sought to expand via international acquisitions in recent years as a way to diversify earnings.  For example, in 2019, Emirates NBD purchased Turkey’s DenizBanks. There have also been a number of mergers between UAE banks, the most recent being Dubai Islamic Bank’s acquisition of Noor Bank in 2020 and the 2019 merger between Abu Dhabi Commercial Bank and Union National bank and Al Hilal Bank. ©2022 funds global mena