Dismissing Muslim Brotherhood employees    Egypt taxes online companies    Egyptian launches trade missions to Central, West Africa    Egyptian filmmaker Sameh Alaa selected for Cannes short films' jury    Don't miss Sudanese singer Asia Madani's concert at Cervantes Institute    Saadi Youssef (1934-2021): The last communist    Egypt, France discuss methods of cooperation in tourism, antiquities    Egypt's annual urban inflation rises to 4.8% in May 2021: CBE    Iran presidential candidate urges better ties with West    Egypt's Health Minister discusses COVID-19 vaccines with COVAX official in Geneva    Egypt stresses need for clear Arab solidarity to reach agreement on GERD    Egypt hands documents to Italy refuting role of police officers in Regeni's murder    US death toll surpasses 600,000 from coronavirus    Egypt, Qatar agree on continuing consultations to advance bilateral relations    Ethiopia and the Horn of Africa    Tunisia allows 5,000 fans to attend Esperance-Ahly clash pending CAF approval    Former presidential candidate Abul-Fotouh to remain in custody despite release order, says Egypt's prosecution    Experts warn Delta variant on track to become dominant coronavirus strain in US    Afsha, Soliman give Ahly a boost ahead of Esperance clash    "Soul Water" signs MoU with "Evoqua Water Technologies" as their agent in Egypt    Egypt's stocks end red as benchmark EGX 30 falls 0.42% on Tuesday    30 international troupes take part in Egypt's 8th Festival of Drums and Traditional Arts    Environment Minister highlights Egypt's steps toward creating green economy    Top US adviser participates in Egypt's 'Decent Life' initiative    Egypt condemns recent Houthi's drone attack on Saudi school    Egypt, US discuss enhancing military cooperation    Emirates Air posts $5.5 bln loss as virus disrupts travel    Egyptian universities, educational institutes allocate EGP 57m to Gaza reconstruction    Denmark's Eriksen sends public thank you message from hospital    New Israel government vows change, but not for Palestinians    Egypt's Court of Cassation upholds death penalty to 3 Muslim Brotherhood leaders    Sudan to complain to Security Council of Ethiopian unilateral measures on GERD    APO Group, Getty Images make African press releases, images available globally    Egypt's Qalaa Holdings chairman banned from flying – Reuters    Italian film 'Mi chiamo Francesco Totti' wins BankGiro Loterij Audience Award at IFFR    Egypt development projects in South Sudan serve as role model in Africa: Irrigation minister    APO Group enters new exclusive agreement with Getty Images on African press releases and images    Defending champions Brazil hosts Copa America    France's Benzema eyes national team return    Egypt is on short list of partner countries for U.S. COVID-19 vaccines: embassy    Russia to resume charter flights to Egypt resorts in the coming days    Biden administration to send surplus U.S. COVID-19 vaccines to Egypt, several countries    Russia expects to resume charter flights to Egypt resorts in near future    Egypt's Sisi announces allocation of $500 million for reconstruction in war-wrecked Gaza    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

EFG Hermes, Egypt's Sovereign Fund eye 76% of Arab Investment Bank shares
Published in Ahram Online on 24 - 06 - 2020

The Central Bank of Egypt's (CBE) board has approved the starting of the due diligence inspection process of the EFG Hermes and Egypt's Sovereign Fund (ESF) that aims at acquiring the Arab Investment Bank (AIB), EFG Hermes announced in a statement on Wednesday.
The fund and EGF Hermes plan to acquire 76 percent of the AIB's capital through subscribing for increasing its share and paid capital with a probability of purchasing a limited number of the shares owned by the main investor in the bank, which is the National Investment Bank (NIB).

In case the deal is finalised, EFG Hermes will possess not less than 51 percent, the fund not less than 25 percent of the AIB capital, while the NIB will preserve the remainder of shares, according to the statement.

CEO of the fund Ayman Soliman stated that the partnership with EFG Hermes comes under the fund's plan that aims at cooperating with the private sector in order to invest in the promising sectors, especially the banking and digital transformation sectors.

He added that Egypt's banking sector enjoys competitiveness capabilities that qualify it to expand regionally and in Africa.

CEO of EFG Hermes Karim Awad said his company adopts a strategy that aims to turn the AIB to a universal bank that can extend all banking and non-banking services.

Clic here to read the story from its source.