A major bank in the United Arab Emirates announced an offer today to buy an Egyptian investment bank. 

First Abu Dhabi Bank (FAB) said they made a “non-binding offer” for a cash acquisition of a majority stake in EFG Hermes, which is publicly traded on the Egyptian stock exchange. The offer is for a minimum of 51 percent of EFG Hermes shares, pending regulatory approval from authorities in the UAE and Egypt. FAB is offering to pay for the shares in cash at a price of 19 Egyptian pounds ($1.20) per share. The final price will be set after the regulatory approval, the bank said in a press release. 

First Abu Dhabi Bank is the largest bank in the UAE, with customers from all over the world. EFG Hermes is an investment bank and financial services corporation offering stock brokerage, asset management and other related services. 

EFG Hermes is reportedly considering the offer, according to the Egyptian state-owned news outlet Al-Ahram. Its stock closed yesterday at 15.74 Egyptian pounds ($1) per share, meaning First Abu Dhabi Bank is offering more than the current price of the stock.