The Central Bank of Egypt (CBE) approved the acquisition of 76% of Arab Investment Bank (aiBANK) by the sub-fund for financial services and digital transformation owned by The Sovereign Fund of Egypt (TSFE) and the Egyptian Financial Group Hermes Holding (EFG Hermes).
They will subscribe by EGP 3.8 billion, raising the bank’s issued and paid-up capital to EGP 5 billion, with EFG Hermes owning 51% of the bank and the sub-fund holding a 25% stake, EFG Hermes said in a bourse disclosure on Monday.
The CBE’s approval is one of the main conditions required for the completion of the deal.
During the first half (H1) of 2021, EFG Hermes posted consolidated net profits of EGP 754.95 million, compared to EGP 422.97 million in H1-21, including minority shareholders’ rights.
