First Abu Dhabi bank in talks to buy EFG Hermes

DUBAI: First Abu Dhabi Bank, the UAE's biggest lender, is in talks to buy Egyptian bank EFG Hermes, which has a market value of over $970 million, two sources with knowledge of the matter said.

Rothschild is advising FAB on the deal, the sources said , which would be its second major transaction in Egypt after it bought the Egyptian business of Lebanon's Bank Audi last year.

Geopolitical tensions hit UAE stocks, oil supports Saudi shares

FAB did not immediately respond to a Reuters request for comment.