EFG-Hermes closes Arab Investment Bank purchase

Egypt-based EFG-Hermes Holding SAE completed its acquisition of a 51% stake in Arab Investment Bank.

The deal forms part of efforts to become a universal bank with a frontier emerging markets investment banking platform, EFG-Hermes said Nov. 18.

Egypt's sovereign wealth fund will own a 25% stake in Arab Investment Bank, while the remaining 24% will be owned by National Investment Bank.