Abu Dhabi bank withdraws offer to buy Egypt's EFG Hermes
The Russian invastion of Ukraine has promted a shift away from emerging markets worldwide.
![Egypt finance](/sites/default/files/styles/article_hero_medium/public/2022-04/GettyImages-1236401800.jpg?h=1d34674f&itok=CGDA7VjM)
First Abu Dhabi Bank (FAB) today withdrew its offer to buy the Egyptian investment bank EFG Hermes.
FAB said in a press release that the decision followed consideration of the "context of ongoing global market uncertainty and volatile macro-economic conditions.”