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UAE's FAB seeks to buy Egypt's top investment bank EFG Hermes

FAB has made a non-binding offer to buy at least 51% in EFG Hermes for 19 Egyptian pounds ($1.21) a share.
11.02.22 | Source: Reuters

First Abu Dhabi Bank (FAB.AD) has made an offer to buy a controlling stake in Egypt's biggest investment bank EFG Hermes (HRHO.CA) that values the North African lender at 18.5 billion Egyptian pounds ($1.18 billion), the two banks said.


If successful, the deal would give the UAE's biggest lender access to the Egyptian investment bank's strong franchise in the Middle East and North Africa region.


It would also be FAB's second major transaction in Egypt after it bought the Egyptian business of Lebanon's Bank Audi (AUDI.BY) last year.






 





FAB has made a non-binding offer to buy at least 51% in EFG Hermes for 19 Egyptian pounds ($1.21) a share, Egypt's Financial Regulatory Authority said.

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