{"id":544245,"date":"2022-02-21T13:41:59","date_gmt":"2022-02-21T13:41:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/tonight-efg-hermes-greenlights-fab-due-diligence-appoints-goldman-to-advise-jordan-pm-covid-positive-following-business-talks-in-cairo-another-day-another-scandal-at-credit-suisse\/"},"modified":"2022-02-21T13:41:59","modified_gmt":"2022-02-21T13:41:59","slug":"tonight-efg-hermes-greenlights-fab-due-diligence-appoints-goldman-to-advise-jordan-pm-covid-positive-following-business-talks-in-cairo-another-day-another-scandal-at-credit-suisse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/21\/tonight-efg-hermes-greenlights-fab-due-diligence-appoints-goldman-to-advise-jordan-pm-covid-positive-following-business-talks-in-cairo-another-day-another-scandal-at-credit-suisse\/","title":{"rendered":"TONIGHT: EFG Hermes greenlights FAB due diligence + appoints Goldman to advise; Jordan PM covid positive following business talks in Cairo; Another day, another scandal at Credit Suisse."},"content":{"rendered":"

We really can\u2019t seem to a catch a break from the barrage of news that 2022 is throwing our way:<\/strong> We have another update on the potentially huge acquisition of EFG Hermes by First Abu Dhabi bank while more pieces are falling into place ahead of this year\u2019s COP27 summit in Sharm El Sheikh.<\/p>\n

Meanwhile, US business leaders are warning that 2022 might be even tougher for corporates<\/strong> than 2020 as labor problems cause headaches for CEOs and have them fear for their jobs. And another reminder of the potential for covid to interrupt business-as-usual landed just a few hours before dispatch time when the Jordanian prime minister tested positive for the virus following today\u2019s Egyptian-Jordanian Joint Higher Committee meeting.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> EFG Hermes greenlights FAB due diligence + appoints Goldman Sachs to <\/strong>advise on acquisition bid:<\/strong> EFG Hermes has appointed US investment bank Goldman Sachs to advise it on First Abu Dhabi Bank\u2019s bid to purchase a minimum 51% stake<\/a>, it announced (pdf)<\/a> this morning. Per the disclosure, the board has also given the Emirati lender the green light to conduct due diligence ahead of a potential acquisition that values EFG at around EGP 18.5 bn. White & Case was also named as EFG\u2019s legal advisor on the transaction.<\/p>\n

<\/a> The <\/strong>Egyptian-Jorda<\/strong>nian Joint Higher Committee meeting didn\u2019t go quite <\/strong>according to plan: <\/strong>Jordanian Prime Minister Bisher Al Khasawneh has tested positive for covid-19 during his visit to Egypt to co-head today\u2019s Egyptian-Jordanian Joint Higher Committee meeting alongside PM Moustafa Madbouly. The announcement was made by Jordan\u2019s information minister several hours ago, who said in a statement picked up by the country\u2019s state news agency Petra<\/a> that the prime minister had tested positive following the meeting during which several bilateral agreements were signed.<\/p>\n

So far, no spread:<\/strong> The Egyptian delegation all tested negative following the meeting, Madbouly said in a statement<\/a> following the meeting.<\/p>\n

Meeting with El Sisi canceled:<\/strong> Al Khasawneh was due to meet with President Abdel Fattah El Sisi for talks during his visit but the meeting has now been canceled.<\/p>\n

US climate envoy John Kerry is also wrapping up his visit to Egypt today<\/strong> during which he held talks with Foreign Minister and COP27 President Sameh Shoukry. The two sides have agreed to set up a joint working group<\/a> to coordinate climate policies ahead of this year\u2019s COP27 summit<\/a> which will be held in Sharm El Sheikh in November.<\/p>\n

^^ We\u2019ll have more on all of these stories in tomorrow\u2019s EnterpriseAM.<\/strong><\/p>\n

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THE BIG STORY ABROAD-<\/strong><\/p>\n

<\/a> Another day, another Credit Suisse scandal: A whistleblower from the Swiss bank has leaked data on <\/strong>more than 18k accounts <\/strong>that allegedly show its business ties to human rights abusers, narcotics traffickers, sanctioned businessmen, and people with questionable backgrounds. The accounts were opened from the 1940s to the 2010s, and they collectively held more than USD 10 bn.<\/p>\n

Credit Suisse denies any wrongdoing: <\/strong>Scrambling to contain the fallout, the bank said that around 90% of accounts in question have been closed, and that the reports are based on \u201cpartial, inaccurate or selective information taken out of context,\u201d in a statement<\/a> released yesterday. Credit Suisse is already under pressure after it became the first-ever Swiss bank to answer criminal charges in an ongoing money-laundering trial<\/a>. The bank\u2019s shares fell as much as 3% on the Swiss Exchange as of dispatch time.<\/p>\n

The leak has launched one of the world\u2019s largest investigations into the mysterious world of Swiss banking. <\/strong>Dubbed the #SuisseSecrets, at least 47 news organizations around the world are dissecting the data, which is getting ink everywhere, including: New York Times<\/a> | Reuters<\/a> | Bloomberg<\/a> | BBC<\/a> | The Guardian<\/a>.<\/p>\n

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