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EFG Hermes says aiBANK acquisition deal still not valued

EFG Hermes says aiBANK acquisition deal still not valued
EFG Hermes will own 51% of the bank
EFG Holding
HRHO
-0.55% 18.00 -0.10

Cairo – Mubasher: The Egyptian Financial Group Hermes Holding (EFG Hermes) responded to news reports about the acquisition of 76% of the Arab Investment Bank (aiBANK) by EFG Hermes and The Sovereign Fund of Egypt (TSFE).

EFG Hermes said that the final value of the deal hasn’t not been determined yet, according to bourse disclosure on Monday.

In June 2020, the Central Bank of Egypt (CBE) gave its approval to EFG Hermes and TSFE to conduct due diligence process on the aiBANK.

If the deal is completed, EFG Hermes will own 51% of the bank, while the Sovereign Fund of Egypt will own not less than 25%. The National Investment Bank and the Federation of Arab States will keep the remaining stake.

In 2020, EFG Hermes achieved a consolidated net profit of EGP 1.30 billion, down from EGP 1.37 billion in 2019.