EFG Hermes and Egypt's Sovereign Fund to acquire a 76% stake in Arab Investment Bank for $162m.

EFG Hermes Holdings, an Egyptian financial services company and Egypt's Sovereign Fund, agreed to acquire a 76% stake in Arab Investment Bank, a commercial and investment banking services provider, for $162m. In case of transaction completion, EFG Hermes Holding will have an ownership in the Bank of not less than 51% and the Sovereign Fund of Egypt ownership of not less than 25% with the remaining stake continuing to be held by the National Investment Bank and the Federation of Arab States. "The partnership with EFG Hermes comes as part of the Fund's strategy to cooperate with the Egyptian private sector to invest in promising sectors and in particular financial services and FinTech. I am a strong believer in the Egyptian banking sector, which continues to present strong growth opportunities for investors with - great potential to compete and expand regionally and into Africa. I look forward to the successful completion of this transaction in the coming few months," Ayman Soliman, Sovereign Fund of Egypt CEO.