EFG Hermes Holding concludes acquisition of aiBANK
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EFG Hermes Holding concludes acquisition of aiBANK

EFG Hermes Holding concludes acquisition of aiBANK

Via the transaction, the firm is marking an entry into the Egyptian commercial banking sector

EFG Hermes Holding has finalised its acquisition of a 51 per cent stake in Arab Investment Bank (aiBANK), marking a strategic entry into the Egyptian commercial banking sector.

The transaction will see EFG Hermes Holding assume control of aiBANK, with TSFE Financial Services & Fintech Subfund – a subfund owned by the sovereign fund of Egypt – acquiring a 25 per cent stake.

“The closing of this transaction with our 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,” said EFG Hermes Holding’s group CEO Karim Awad.

“Our efforts to geographically diversify our business means that we are now present in 13 countries with the ability to offer financial services to more than 1 billion people living and doing business in some of the world’s fastest-growing markets. The addition of a commercial bank in our home market also means that EFG Hermes Holding (through its different subsidiaries and brands) can provide its Egyptian clients with a single destination for all their financial services.”

The firm reported EGP1.1bn in net profit for the first nine months of 2021, marking a 26 per cent year-on-year increase. Its revenues from January through September also rose 8 per cent over the same period last year to reach EGP4bn.

Read: EFG Hermes Holding reports 26% increase in net profit for first nine months of 2021

Its investment banking division also completed advisory to Saudi Arabia’s ACWA Power on its $1.2bn IPO on the Saudi stock exchange in October this year.

Read: Saudi Arabia: EFG Hermes completes advisory on listing of ACWA Power

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