EFG Hermes completes Egyptian bank takeover

Egyptian poundsEFG Hermes, the largest investment bank in Egypt, has announced the completed takeover of the state-owned Arab Investment Bank. The acquisition of a 51% stake has completed EFG Hermes’ “transformation into an Egyptian universal bank”, according to a statement. EFG Hermes will now have an investment bank, commercial bank and non-bank financial institutions platform. As part of the arrangement, EFG Hermes will also take on the management of TSFE financial services and fintech subfund, an investment vehicle fully owned by the Sovereign Fund of Egypt. “The completion of the acquisition of a majority stake in aiBANK should be looked at as another step towards building a business model that can withstand the cyclicality of capital markets and increase synergies creation potential across the platform,” said EFG Hermes group CEO Karim Awad. ©2021 funds global mena

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