EFG Hermes (HRHO) completed its takeover of state-owned Arab Investment Bank, transforming itself into an Egyptian universal bank.
What is a Universal Bank🤷♀️ Before the acquisition, EFG was an investment bank, & a platform for non-bank financial institutions. After the acquisition, EFG is now an investment bank, a platform for non-bank financial institutions, & a commercial bank, rendering it a “universal bank”.
More details🤔 EFG Hermes agreed to purchase a 51% stake in the bank in May, with the Sovereign Fund of Egypt also acquiring a 25% stake & Egypt’s state-owned National Investment Bank (NIB) retaining 24%, down from 91.4%.
