Saturday, Apr 21, 2012
BEIRUT (Zawya Dow Jones)--Credit Libanais has downplayed suggestions that Egypt's EFG-Hermes Holding (HRHO.CI), the Arab world's largest publicly-traded investment bank, might sell its 65% stake in the Lebanese lender, according to Beirut-based Al Akhbar daily.
Credit Libanais noted that EFG-Hermes took part in its recent shareholders' meeting, and that two senior executives of the Egyptian bank - chief executives Yasser el Mallawany and Hassan Heikal - have been appointed to three-year terms on the Credit Libanais board, the newspaper said, citing a statement issued on behalf of Credit Libanais chairman and general manager Joseph Torbey.
Beirut-based Al-Iktissad Wal-Aamal magazine said in a recent report that EFG-Hermes intends to sell its stake in Credit Libanais, which it bought in 2010 for $542 million.
Newspaper website: http://al-akhbar.com/node/62637
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
21-04-12 0928GMT
