Last checked at 31 Aug 2021 07:00
Central Bank of Egypt Issues Its Approval on AIB Acquisition
Cairo, August 30th, 2021: The Sovereign Fund of Egypt Financial Services and Fintech sub fund and EFG Hermes S.A.E. are pleased to announce that they have received the Central Bank of Egypt's approval on the acquisition of 76% of the capital of Arab Investment Bank (AIB) with a total value of EGP3.8 billion. The acquisition will be structured as a capital increase that will increase the issued and paid in capital of the bank to EGP5 billion, whereby EFG Hermes will own a stake of 51% while TSFE Financial Services and Fintech sub fund will own 25%. The completion of the transaction is subject to the fulfillment of the remaining conditions precedent.
For further information:
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Head of Investor Relations - Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com