{"id":558893,"date":"2021-08-31T03:52:09","date_gmt":"2021-08-31T03:52:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/"},"modified":"2021-08-31T03:52:09","modified_gmt":"2021-08-31T03:52:09","slug":"cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","title":{"rendered":"CBE OKs acquisition of 76% of AIB by EFG and SFE"},"content":{"rendered":"

<\/a> CBE gives final thumbs up to Arab Investment Bank acquisition:<\/strong> EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank<\/a>, EFG said in a regulatory filing (pdf)<\/a> yesterday. The two institutions will acquire the shares via a EGP 3.8 bn capital increase, giving EFG a 51% stake and the SFE 25%.<\/p>\n

Who\u2019s the seller?<\/strong> The National Investment Bank (NIB), which currently holds a 91.4% stake in the bank, will reduce its ownership to 24%, while minority shareholders with the remaining 8.6% will offload their stakes. EFG Hermes will subscribe to 423 mn newly-issued shares for EGP 6.03 per share, at a total value of EGP 2.55 bn. Meanwhile, the SFE will acquire 207 mn newly issued shares at the same per-share price totalling EGP 1.25 bn.<\/p>\n

The transaction is expected to close before the end of the current quarter<\/strong>, EFG and SFE said earlier this year.<\/p>\n

The acquisition marks Egypt\u2019s first full bank privatization in 15 years<\/strong> \u2014 and the fact that the SFE has managed to pull it off helps prove that it\u2019s serious about public-private partnership. The last time Egypt saw this kind of a sale was in 2006, when Bank of Alexandria was sold to Italy\u2019s Intesa Sanpaolo. Government privatization schemes stall regularly, with a central bank plan<\/a> to sell off United Bank apparently on hold for now. That makes the acquisition even better news for the SFE \u2014 as one Goldman Sachs analyst told Reuters back in May<\/a>, it \u201csignals an improved capacity by the government to follow through on privatisation plans after a patchy track record, which is largely down to the establishment of the [SFE].\u201d<\/p>\n

It\u2019s been a long road: <\/strong>EFG and the SFE began due diligence on AIB in June 2020<\/a>, after receiving clearance from the CBE. The transaction has been through several rounds of approvals, getting the green light from EFG Hermes\u2019 board in April<\/a>, from the cabinet in May, and now finally from the central bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in a regulatory filing (pdf) yesterday. The two institutions will acquire the shares via a […]<\/p>\n","protected":false},"author":1,"featured_media":558894,"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":[271,84,72,2460,7128,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-central-bank-of-egypt","tag-efg-hermes","tag-enterpriseam","tag-karim-awad","tag-ma-watch","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"cc77de5f-61c1-4b22-aa22-01e558e8ca3f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/313.jpg","photo_position":"above","related_issue":[558889],"teaser":"","voice_url":""},"yoast_head":"\nCBE OKs acquisition of 76% of AIB by EFG and SFE - 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\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE OKs acquisition of 76% of AIB by EFG and SFE\" \/>\n<meta property=\"og:description\" content=\"CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in a regulatory filing (pdf) yesterday. The two institutions will acquire the shares via a […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-31T03:52:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/313.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE OKs acquisition of 76% of AIB by EFG and SFE\",\"datePublished\":\"2021-08-31T03:52:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\"},\"wordCount\":341,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/313.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"EFG Hermes\",\"EnterpriseAM\",\"Karim Awad\",\"M&A Watch\",\"Sovereign Fund of Egypt\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/\",\"name\":\"CBE OKs acquisition of 76% of AIB by EFG and SFE - 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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":576396,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/efg-hermes-sfe-to-complete-due-diligence-on-aib-in-february-sources\/","url_meta":{"origin":558893,"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":574628,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/","url_meta":{"origin":558893,"position":2},"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":[]},{"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":558893,"position":3},"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":565536,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/","url_meta":{"origin":558893,"position":4},"title":"EFG board greenlights Arab Investment Bank acquisition","author":"enterpriseam admin","date":"14 April 2021","format":false,"excerpt":"EFG Hermes and the Sovereign Fund of Egypt are getting closer to acquiring a combined 76% stake in the Arab Investment Bank after EFG Hermes\u2019 board of directors approved the acquisition and a fair value assessment at a meeting yesterday, it said in an EGX disclosure (pdf). 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":565993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/to-universal-bankhood-and-beyond\/","url_meta":{"origin":558893,"position":5},"title":"To universal bankhood, and beyond","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG and the SFE have inked agreements to buy a supermajority stake in AIB in a transaction worth some EGP 3.8 bn. The Sovereign Fund of Egypt (SFE) and EFG Hermes will acquire 76% of the Arab Investment Bank (AIB), the two parties announced in a joint press release (pdf)\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\/5\/408.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558893","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=558893"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558893\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558889"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558894"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558893"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558893"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}