By: Ahmed Allam

Cairo – Mubasher: Italy’s Azimut Group has received the Egyptian Financial Regulatory Authority’s (FRA) approval to complete the acquisition deal of Rasmala Egypt Asset Management, the leading asset manager’s managing director Ahmed Abou El-Saad told Mubasher.

The documents of the deal, slated to be implemented in ten days, will be submitted to the Egyptian Exchange (EGX) on Thursday or by the beginning of next week, Ahmed Abou El-Saad added.

In January, Azimut Group signed an agreement to fully acquire Rasmala Egypt Asset Management.

Under the deal, Rasmala will be rebranded to Azimut Egypt Asset Management.

Rasmala is one of the biggest asset managers in Egypt. The value of company’s managed assets stood at EGP 8.46 billion in November 2018.

Translated by: Zeinab Adel