CAIRO – 20 May 2021: The Sovereign Fund of Egypt (TSFE) and EFG Hermes Holding S.A.E (EFG Hermes) signed agreements to acquire 76 percent of the capital of Arab Investment Bank (AIB or the Bank). The National Investment Bank, which is currently the majority shareholder of the Bank, will hold the remaining 24% after purchasing stakes currently held by minority shareholders (prior to the execution of the capital increase). “Completing the AIB partnership transaction underscores TSFE’s pivotal role in unlocking and maximizing the value of state-owned assets. It will be better poised to comply with the Central Bank of Egypt’s regulatory requirements, drawing on the technical expertise available in TSFE and EFG Hermes, AIB’s new partners. Karim Awad, CEO of EFG Hermes, said: “We are thrilled to be partnering with TSFE on one of their first investments.

Source: Egypt Today May 20, 2021 12:45 UTC