CAIRO – 23 May 2021: CEO of Egyptian financial group Hermes Karim Awad said, Sunday, that the group will complete the acquisition of a majority stake in the Arab Investment Bank during the third quarter of the year. However, he refused to give details about the amount of liquidity available to the group, which is the largest investment bank in the Middle East. "We will not dispense with any of the current employees of the Arab Investment Bank," Awad said, adding that changing the bank's name is under consideration with partners. Whenever the Arab Investment Bank grows; this will be reflected in Hermes's share." Awad said, "We are very optimistic about the Arab Investment Bank deal in light of the attractiveness of the Egyptian banking sector and the significant growth opportunities expected for the sector."

Source: Egypt Today May 23, 2021 16:18 UTC