{"id":323934,"date":"2021-11-21T14:58:26","date_gmt":"2021-11-21T14:58:26","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=323934"},"modified":"2021-11-21T14:58:26","modified_gmt":"2021-11-21T14:58:26","slug":"efg-hermes-becomes-universal-bank-after-aibank-acquisition-completion","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/11\/21\/efg-hermes-becomes-universal-bank-after-aibank-acquisition-completion\/","title":{"rendered":"EFG Hermes becomes universal bank after aiBANK acquisition completion"},"content":{"rendered":"<p>Egypt\u2019s EFG Hermes has officially become a universal bank after finalising its acquisition of a 51 percent stake in the Arab Investment Bank (aiBank) in partnership with the Sovereign Fund of Egypt (TSFE).<\/p>\n<p>The deal, which marks \u201ca strategic entry into the fast-growing and solid Egyptian commercial banking sector,\u201d will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services and Fintech, a subfund fully-owned by TSFE acquiring a 25 percent stake, EFG said in a statement.<\/p>\n<p>The state-owned National Investment Bank (NIB) will retain a 24 percent stake of aiBank post-transaction, having previously held 91.4 percent.<\/p>\n<p>With the completion of the landmark transaction, EFG Hermes\u2019 Egyptian operations now include an investment bank, a commercial bank, and a fast-growing non-bank financial services platform.<\/p>\n<p>\u201cThe closing of this landmark transaction with our esteemed partner TSFE will drive the transformation of our Egyptian operations into a universal bank with an investment bank, a commercial bank and a fast-growing Non-Bank Financial Institutions (NBFI) platform, ensuring that we can provide a holistic set of financial products and services to both retail and corporate clients alike in our home market.\u201d Group chief executive Karim Awad said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s EFG Hermes has officially become a universal bank after finalising its acquisition of a 51 percent stake in the Arab Investment Bank (aiBank) in partnership with the Sovereign Fund of Egypt (TSFE).<\/p>\n","protected":false},"author":4,"featured_media":320827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[82],"class_list":["post-323934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-efg-hermes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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