EFG Hermes Holding announced that it has succeeded in transforming into a comprehensive bank in the Egyptian market, in addition to being the leading investment bank in emerging and frontier markets, after completing the acquisition of 51% of the Arab Investment Bank.
Under the terms of the deal, EFG Hermes Holdings will lead the Arab Investment Bank (aiBANK), with the Egypt Sub-Fund for Financial Services and Digital Transformation, a wholly-owned owned subsidiary of the Sovereign Fund of Egypt and a significant partner of EFG Hermes Holdings, acquiring a 25% stake in the bank.
Karim Awad, CEO of EFG Hermes Holding, said that the completion of this landmark transaction with our esteemed partner, the Sovereign Fund of Egypt, will contribute to transforming our operations in Egypt into a comprehensive banking platform.
that the group’s new business model will benefit its shareholders by providing a clear vision of future profitability rates and dividends, as well as the possibility of profiting from partial exit opportunities from some of its subsidiaries.