Acquisition deal of AiBank by EFG Hermes, Egypt's Sovereign Fund still not valued

CAIRO – 29 March 2021: The final value of the deal to acquire 76 percent of the Arab Investment Bank (aiBANK) by the Egyptian Financial Group Hermes Holding (EFG Hermes)and the Sovereign Fund of Egypt (TSFE) has not been determined yet, according to EFG Hermes.

This came in a statement issued by the company, Monday, in response to the stock market’s inquiries regarding the deal to acquire the financial group Hermes and Egypt's sovereign fund of a 76 percent stake in the Arab Investment Bank.

In June 2020, the Central Bank of Egypt (CBE) agreed that Hermes Holding and the Egyptian Sovereign Fund would start the due diligence examination of the Arab Investment Bank with the aim of owning a stake of not less than 76 percent.

Last June, EFG Hermes stated that in the event that the deal is completed, Hermes becomes the owner of 51 percent, and Egypt's sovereign fund owns no less than 25 percent of the bank's capital, while the bank and the Union of Arab Republics will keep the rest.

During 2020, EFG Hermes achieved  profits of LE 1.3 billion, compared to LE 1.37 billion in 2019, taking into account the minority rights.

EFG Hermes operates within the Diversified Financials sector focusing on Investment Banking and Brokerage. It has subsidiaries operating across the Carribian, Northern Africa and Middle East.