for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Egypt's EFG Hermes stock up 3.5% after acquiring control of Arab Investment Bank

CAIRO, May 20 (Reuters) - Shares in Egypt’s largest investment bank EFG Hermes rose 3.5% on the country’s stock exchange on Thursday, a day after the cabinet approved its acquisition of 51% of state-owned Arab Investment Bank.

The Sovereign Fund of Egypt also acquired a 25% stake in AIB, while the current owner, state-owned National Investment Bank (NIB), retained 24%, Egypt’s cabinet said on Wednesday. It was Egypt’s first bank privatisation in more than a decade. (Reporting by Ehab Farouk; Writing by Nafisa Eltahir; Editing by Jan Harvey)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up