Egypt’s biggest investment bank takes over state-run Arab Investment Bank
EFG Hermes, Egypt’s biggest investment bank, has completed its takeover of state-owned Arab Investment Bank for an undisclosed transaction.
EFG Hermes, Arab News reports, agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake and the current owner, Egypt’s state-owned National Investment Bank (NIB), retaining 24%. Investment Bank will now turn into Egyptian universal bank following the acquisition. The transaction is Egypt’s first bank privatization in more than a decade, the Saudi media notes.