{"id":555594,"date":"2021-11-21T03:46:32","date_gmt":"2021-11-21T03:46:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/efg-sfe-finalize-acquisition-of-arab-investment-bank\/"},"modified":"2021-11-21T03:46:32","modified_gmt":"2021-11-21T03:46:32","slug":"efg-sfe-finalize-acquisition-of-arab-investment-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/efg-sfe-finalize-acquisition-of-arab-investment-bank\/","title":{"rendered":"EFG, SFE finalize acquisition of Arab Investment Bank"},"content":{"rendered":"

<\/a> EFG Hermes is now officially a universal bank:<\/strong> Our friends at EFG Hermes finalized on Thursday their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt, EFG said in a statement (pdf)<\/a>. Through the acquisition, which marks \u201ca strategic entry into the fast-growing and solid Egyptian commercial banking sector,\u201d EFG Hermes will now assume control of aiBank in partnership with the Sovereign Fund of Egypt\u2019s (SFE) financial services sub fund, which is acquiring a 25% stake. The state-owned National Investment Bank will retain a 24% stake of aiBank post-transaction, having previously held 91.4%.<\/p>\n

What do we mean when we say universal bank? <\/strong>With the completion of the transaction, EFG Hermes\u2019 Egyptian operations now include an investment bank, a commercial bank and a fast-growing non-bank financial services platform, \u201censuring that we can provide a holistic set of financial products and services to both retail and corporate clients alike in our home market,\u201d Group CEO Karim Awad said.<\/p>\n

This is the first privatization in the banking sector in more than a decade<\/strong>, according to Reuters<\/a>. The last major privatization in the sector was the sale of 80% of Bank of Alexandria<\/a> to Intesa Sanpaolo back in 2006. Banque du Caire<\/a><\/strong> has long had plans to sell 20-30% stake to the public via IPO, but those plans were shelved thanks to covid-19. The Central Bank also got fairly far down the road to disposing of its nearly 100% stake in the United Bank of Egypt<\/a><\/strong>, which it had created through the merger of a number of smaller state-owned banks. EFG Hermes and New York\u2019s Evercore had the mandate on UBE, but the sale was officially put on ice \u201cfor the duration\u201d in September 2020 \u2014 again, thanks to covid.<\/p>\n

M&A is the only way into the industry: <\/strong>The central bank has long said that it has no interest in issuing new traditional banking licenses, signalling that would-be entrants to the market will need to look at M&A. The next closely watched front will be the CBE\u2019s policy on digital banking licenses when those come to pass.<\/p>\n

The EGP 3.8 bn acquisition is a landmark for the government<\/strong> as it looks to underscore its seriousness about partnering with the private sector to unlock growth. Critical here: The support of the Sovereign Fund of Egypt, which has built a solid track record as a trusted partner for private business, and of the Central Bank of Egypt, which gave the transaction the green light. We have background on the transaction here<\/a> and here<\/a>.<\/p>\n

EFG Hermes now has an addressable market of 1 bn consumers <\/strong>across Egypt and 12 other fast-growing frontier emerging market economies in which it is the leading FEM investment banking platform, spanning from Nigeria to Kenya, from Pakistan to Vietnam as well as offices in London and New York.<\/p>\n

Awad and the team at EFG have been working hard on this transformation for years now. <\/strong>Read more in this two-part interview we did with him earlier this year (here<\/a> and here<\/a>) or listen to the background in our chat on Making It, our podcast on how to build a great business in Egypt (listen, runtime: 34:07<\/a> and tap the button in the player at the bottom of the page).<\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes is now officially a universal bank: Our friends at EFG Hermes finalized on Thursday their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt, EFG said in a statement (pdf). Through the acquisition, which marks […]<\/p>\n","protected":false},"author":1,"featured_media":555595,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[3148,204,84,72,2460,7128,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-arab-investment-bank","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-karim-awad","tag-ma-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"a015541a-1a21-48dd-80d4-3dd23dd9d76b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/518.jpg","photo_position":"above","related_issue":[555590],"teaser":"","voice_url":""},"yoast_head":"\nEFG, SFE finalize acquisition of Arab Investment Bank - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/efg-sfe-finalize-acquisition-of-arab-investment-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG, SFE finalize acquisition of Arab Investment Bank\" \/>\n<meta property=\"og:description\" content=\"EFG Hermes is now officially a universal bank: Our friends at EFG Hermes finalized on Thursday their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt, EFG said in a statement (pdf). 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SFE CEO Ayman\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576396,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/efg-hermes-sfe-to-complete-due-diligence-on-aib-in-february-sources\/","url_meta":{"origin":555594,"position":1},"title":"EFG Hermes, SFE to complete due diligence on AIB in February -sources","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt (SFE) will complete due diligence on the Arab Investment Bank (AIB) by February 2021 ahead of a potential acquisition of a 76% stake in the state-owned bank, Masrawy reports, citing unnamed banking sources familiar with the matter. SFE CEO Ayman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547458,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/aibank-returns-to-the-black-in-1q2022\/","url_meta":{"origin":555594,"position":2},"title":"aiBank returns to the black in 1Q2022","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"Arab Investment Bank (aiBank) bounced back from losses last year to generate a net income of EGP 140 mn in 1Q2022, it announced in a statement (pdf) yesterday. The bank had reported a EGP 1 mn loss in the same period in 2021 but entered the black this year on\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","url_meta":{"origin":555594,"position":3},"title":"EFG Hermes, SFE get cabinet signoff on Arab Investment Bank acquisition","author":"enterpriseam admin","date":"10 October 2021","format":false,"excerpt":"M&A WATCH- EFG Hermes and the Sovereign Fund of Egypt have received cabinet approval for their acquisition of a 76% stake in the Arab Investment Bank (AIB), according to a decision published in the Official Gazette and picked up by the domestic press. The two institutions acquired the shares via\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/103.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","url_meta":{"origin":555594,"position":4},"title":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG + SFE\u2019s acquisition of AIB gets Cabinet nod: EFG Hermes and the Sovereign Fund of Egypt\u2019s (SFE) acquisition of a combined 76% stake in the Arab Investment Bank (AIB) earned Cabinet approval yesterday, according to a Cabinet statement, bringing us one step closer to Egypt\u2019s first bank privatization in\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574628,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/","url_meta":{"origin":555594,"position":5},"title":"EFG Hermes, Egypt\u2019s sovereign fund to finalize AIB takeover this year","author":"enterpriseam admin","date":"16 September 2020","format":false,"excerpt":"M&A WATCH- EFG Hermes, SFE to finalize AIB acquisition this year: EFG Hermes and the Sovereign Fund of Egypt (SFE) expect to close their acquisition of a 76% stake in state-affiliated Arab Investment Bank (AIB) before the end of 2020 through a capital increase to EGP 5 bn, SFE CEO\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555594"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555594\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555595"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555594"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555594"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}