EFG Hermes, The Egyptian Financial Group Hermes Holding, announced the value of the acquisition deal of the Arab Investment Bank (aiBANK) by EFG Hermes and The Sovereign Fund of Egypt (TSFE) has not been determined yet.
EFG Hermes and The Sovereign Fund of Egypt (TSFE) are planning to capture 76 percent of Arab Investment Bank (aiBANK).
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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 percent of the bank, while the Sovereign Fund of Egypt will own not less than 25 percent. The National Investment Bank and the Federation of Arab States will keep the remaining stake.
