EFG Hermes Holding concludes acquisition of aiBANK

EFG Hermes Holding concludes acquisition of aiBANK

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