Hermes, Wealth Fund seek purchasing Arab Investment Bank

CAIRO - 24 June 2020: EFG Hermes Holding Company and the Egyptian Sovereign Wealth Fund announced on Wednesday getting an approval from the Central Bank of Egypt to start a process of verification for purchasing the Arab Investment Bank.

In a statement, the company said that the deal is aimed at taking over 76 percent of the capital of the bank most of which through subscription in the issued and paid capital with a possibility of purchasing a limited number of shares owned by the prime shareholder of the bank.

Under the deal, Hermes will own not less than 51 percent of the bank's capital while the fund will own not less than 25 percent.