ArabFinance: Egyptian Financial Group Hermes Holding's (EFG Hermes) (HRHO) board of directors approved the acquisition of 76% of Arab Investment Bank (AIB) in an alliance with Egypt's sovereign fund, according to the company’s statement filed to the Egyptian Exchange.
The company will acquire the stake in AIB by increasing the issued and paid-in capital to EGP 5 billion. Hermes stake after the acquisition will be 51% of the bank.
The listed company’s board ratified the par value of the AIB’s shares at an average of EGP 1.1 billion
EFG Hermes reported a consolidated net profit of EGP 1.30 billion in 2020, compared to EGP 1.37 billion in 2019.
The listed company has a presence in the United Arab Emirates, Saudi Arabia, Kuwait, Jordan, Oman, and Pakistan. It operates in holding and treasury, brokerage, asset management, investment banking, private equity, leasing, microfinance, and assets held for sale.
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