CAIRO: Egyptian investment bank EFG-Hermes said on Wednesday it was not planning to substantially increase its stake in Lebanon's Bank Audi above the 28 percent it already owns. EFG-Hermes Securities Brokerage Managing Director Sherif Cararah told Reuters in New York on Tuesday the investment bank would like to increase its stake to more than 50 percent, "but this is a long-term process. "EFG-Hermes denies any reports of its intention, nor that it has received approvals, to acquire a substantial stake in Bank Audi, EFG said in a statement on Wednesday. The statement did not refer to Cararah's comments to Reuters on Tuesday. Cararah was not immediately available to comment on Wednesday. EFG-Hermes added that it was not its intention to "materially change its position in Bank Audi. "EFG-Hermes may increase or decrease its stake by 2-3 percent through GDRs depending on equity market conditions and subject to the relevant regulations, but remains committed to be one of the bank's largest owners, the statement said. The investment bank was negotiating to increase its share in Bank Audi in late 2008, but talks were suspended after the parties were unable to reach agreement. Cararah said in New York on Tuesday that EFG-Hermes was looking at opportunities to buy commercial banks in order to become a "universal bank in the Middle East. It was also looking at acquiring licenses of brokerages in Syria and Libya.
