Egypt's EFG Hermes to sell 40pct stake of Credit Libanais

Ahram Online , Thursday 17 Mar 2016

EFG Hermes
A man walks past the investment bank EFG Hermes at the Smart Village, on the outskirts of Cairo, October 20, 2014 (Reuters)

Egypt's leading investment bank EFG Hermes approved the sale of 40 percent of its stake of Credit Libanais to Lebanese and Arab investors at a price of $33 per share, the bank said in a statement to the bourse on Thursday.

The sale which is expected to be completed by the end of June, is still subject to the Lebanese central bank's approval.

EFG Hermes owns 63.7 percent of Credit Libanais, its only commercial banking service, shows the latter's website.

The share price of EFG Hermes surged 15.42 percent to EGP 10.69 per share by mid-trade on the Egyptian stock exchange.


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