Masress : Arab Investment Bank acquisition expected to be finalised by early Q2 2021

Contact Developments launches Quan Iconic Tower at New Capital with EGP 1.5bn investments Egypt retrieves 3 Pharaonic, Greco-Roman era artefacts in London Sisi stresses need to safeguard, develop Awqaf funds IOM Egypt, EU delegation inaugurate Watan Medical Centre to serve Egyptians, migrants Microsoft debuts Windows 11, first major update in 6 years Cairo to host fifth round of Eurasian Economic Union free trade talks in November Hyundai Rotem signs $110 million deal to upgrade railway signal system in Egypt Egypt launches Tamayoz, an index for SMEs US, EU condemn airstrike on Ethiopia's Tigray market which left 51 dead Egypt's Suez Canal Authority announces solution on impounded Ever Given Egypt ready to support manufacture of COVID-19 vaccines in Africa: Prime Minister Egypt Government policy of fiscal, monetary policy harmony reduced COVID-19 repercussions: Finance Minister Egypt recovers 114 artefacts smuggled to France Egypt's Hegazi available for Tokyo Olympic Games, Mostafa Mohamed doubtful Tennis: Australia's Purcell upsets top-seeded Monfils in Eastbourne Expert: Transgender Olympic athlete could polarize opinion MEP questions Washington's logic of hyping up China threat for military expansion Merkel: Europe 'on thin ice' amid delta virus variant rise Russia in showdown with UN and West over aid to Syria 'Scary' Sydney virus cluster blamed on delta variant grows Euro 2020 brings back long-forgotten memories of glory for qualifying teams Manchester City's Riyad Mahrez gets engaged to British model Taylor Ward Egypt's delay in including Mo Salah, Mostafa Mohamed at Tokyo Olympics raises concern In Video: Egypt recovers 114 ancient artefacts smuggled into France Sudan calls on UN Security Council to intervene in GERD dispute Egypt, Germany discuss bilateral relations, GERD developments Egypt's Health Minister reviews precautionary measures during Cairo Book Fair Egypt's FM discusses bilateral relations with German counterpart IMF approves final tranche of Egypt's SBA loan programme Egypt's Senate commences fulfilling its obligations under clear jurisdictions: Ahmed Diab Egypt extends 'Kings of the Sun' exhibition in Prague until 30 September Egypt's CBE extends its preventive measures against pandemic's negative impacts through end of 2021 Don't miss Romeo and Juliet ballet shows at the Cairo Opera House Arab history at the Institute The second filling Egypt opens its first anaerobic gasification unit Egypt keen on negotiation leading to binding deal on GERD, irrigation minister tells S.Sudan's officials HSBC earmarks funding to a coastal ecosystem restoration project in Egypt Egypt accuses Ethiopia of using GERD crisis for political purposes Egypt's Water Resources Minister in South Sudan for cooperation talks APO Group enters new exclusive agreement with Getty Images on African press releases and images 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 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 Sovereign Fund reportedly to complete due diligence on AIB bank in Feb

Value of Arab investment bank acquisition deal not determined yet: EFG Hermes

AIB into private hands

EFG Hermes, Egypt's Sovereign Fund eye 76% of Arab Investment Bank shares

Arab Investment Bank acquisition expected to be finalised by early Q2 2021
EFG Hermes, TSFE aim to jointly obtain 76% stake in AIB through capital increase

Alyaa Stohy Published in Daily News Egypt on 29 - 03 - 2021

EFG Hermes and The Sovereign Fund of Egypt (TSFE) aim to finalise their acquisition of the Arab Investment Bank (AIB) by early second quarter (Q2) of 2021.
The National Investment Bank (NIB) has a majority stake of 91.42% in the AIB.
EFG Hermes and TSFE aim to jointly obtain 76% stake in the AIB through capital increase, where Hermes will acquire 51%, and TSFE will acquire 25%.
A source said that the AIB acquisition is expected to improve EFG Hermes' margins, and group ROE by complimenting other lending businesses. Management aims to finalise the move early in the second quarter (Q2) of 2021.
The source added that Hermes will use part of the large cash base in the AIB acquisition, while the remaining part will be used in merchant banking activities, such as bridge loans and ST financing, treasury management, and operational needs.
However, the company will always maintain a large cash base, as some transactions require the company remain in a solid financial position to be a participant, as was illustrated during the ARAMCO IPO.
Meanwhile, the source said that EFG Hermes' Management is currently trying to raise a new permanent fund whilst on several investments, including one in the infrastructure sector in 2021.

Clic here to read the story from its source.