EFG Hermes Holding
Behind the Optics of the Arab Investment Bank Potential Acquisition
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Egypt/ Non-Banking Financials/ Potential acquisition of aibank
●An intent for acquisition: EFG Hermes Holding [HRHO] and The Sovereign Fund of Egypt (TSFE) announced earlier yesterday their potential acquisition of 76% of state-owned Arab Investment Bank (aiBank). Completed, the transaction would leave HRHO and TSFE with respective ownership of 51% and 25% in the bank, while the remainder will be split between the existing shareholders pro rata. Both HRHO and TSFE received an approval to conduct their due diligence (possibly taking three months to complete) on the bank from the Central Bank of Egypt (CBE) which would also be needed to bless the final step of the acquisition.
Sherif El Etr
Equity Analyst
Tel.: +202 3300 5720