Sovereign Fund of Egypt, EFG Hermes Holding to start due diligence on the Arab Investment Bank following getting the green light from the Central Bank of Egypt. The parties aim to acquire 76 percent of the capital of the Bank mostly through a capital increase as well as potentially through the acquisition of some secondary shares from the National Investment Bank, the current majority shareholder. In case of transaction completion, EFG Hermes Holding S.A.E will have an ownership in the Bank of not less than 51 percent and the Sovereign Fund of Egypt an ownership of not less than 25 percent with the remaining stake continuing to be held by the National Investment Bank and the Federation of Arab States.
