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Asharq Al-Awsat

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Asharq Al-Awsat

First Abu Dhabi Makes Offer for Egypt’s Investment Bank EFG Hermes

EFG Hermes Egypt First Abu Dhabi Bank North Africa

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh

First Abu Dhabi Bank has made an offer to buy a controlling stake in Egypt's biggest investment bank EFG Hermes that values the North African lender at $1.1 billion, a regulatory statement said.

FAB, the UAE's biggest lender, made a non-binding offer to buy at least 51% in EFG Hermes for 19 Egyptian pounds ($1.21) a share, Egypt's Financial Regulatory Authority said.

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