{"id":562343,"date":"2021-05-20T03:50:54","date_gmt":"2021-05-20T03:50:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/"},"modified":"2021-05-20T03:50:54","modified_gmt":"2021-05-20T03:50:54","slug":"efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","title":{"rendered":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EFG + SFE\u2019s acquisition of AIB gets Cabinet nod:<\/strong> 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 href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1934308666747489\">a Cabinet statement<\/a>, bringing us one step closer to <strong>Egypt\u2019s first bank privatization in over a decade<\/strong>. The acquisition \u2014 which will see the SFE and EFG purchase AIB through a capital increase \u2014 will raise AIB\u2019s capital to EGP 5 bn, the statement says.<\/p>\n<p><strong>Who\u2019s getting what:<\/strong> Once the sale closes, EFG will become AIB\u2019s controlling shareholder with a 51% stake, while the SFE will take 25% through its financial services and digital transformation sub-fund. The state-owned National Investment Bank will retain a 24% stake of AIB post-transaction, having previously held a 91.4% stake.<\/p>\n<p><strong>What still needs to be done:<\/strong> The transaction requires approval from regulatory bodies \u2014 chief among them the Central Bank of Egypt (CBE) \u2014 before being finalized, the statement notes. EFG Hermes\u2019 board of directors approved the acquisition and a fair value assessment <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26d64c6e-10b4-48d4-b053-63f5becb0429\">last month<\/a>.<\/p>\n<p><strong>The progress on the acquisition is getting good press<\/strong>, with Goldman Sachs economist Farouk Soussa telling <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-efg-hermes-sovereign-fund-to-buy-76-arab-investment-bank-2021-05-19\/\">Reuters<\/a> that 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<p><strong>For context, t<\/strong><strong>he last full bank privatization in Egypt was the sale of Bank of Alexandria to Italy\u2019s Intesa Sanpaolo in 200<\/strong><strong>6.<\/strong> Earlier that same year, the Egyptian American Bank \u2014 which was partially owned by Bank of Alexandria \u2014 was sold to Credit Agricole and El Mansour & El Maghraby Investment and Development Co. The CBE has <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/07\/egypts-united-bank-sale-moving-forward-amer-says\/\">also been working<\/a>to sell United Bank to a strategic investor, but that process appears to have been put on hold due to covid-19.<\/p>\n<p><strong>Background:<\/strong> EFG and the SFE began due diligence on AIB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/493e0457-82af-4b27-9c7f-1ab2d8301a49\">last June<\/a>, after receiving clearance from the CBE. The National Investment Bank \u2014 AIB\u2019s parent company \u2014 had announced earlier last year a plan to take several of its portfolio companies to market with the help of the SFE.<\/p>\n<p><strong>OTHER M&A NEWS- Melinda French Gates now holds a direct 5.6% stake in Orascom Construction<\/strong>, after acquiring <a href=\"https:\/\/ciginc.net\/\">Cascade Investment Group<\/a>\u2019s entire stake, according to a <a href=\"https:\/\/ent.news\/2021\/5\/Shareholding-Disclosure-Transfer-of-Shares-1.pdf\">regulatory disclosure (pdf)<\/a>. Cascade Investment is owned by Bill Gates. French Gates separately holds an 0.2% indirect stake in OC through the Bill and Melinda Gates Foundation Trust.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 over a decade. The acquisition [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":562344,"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":[3148,84,72,7128,370,587],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-arab-investment-bank","tag-efg-hermes","tag-enterpriseam","tag-ma-watch","tag-sovereign-fund-of-egypt","tag-state-privatization-program","wpautop","entry"],"acf":{"mongo_id":"c287e773-2544-427e-b777-a60bccad68f6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/166.jpg","photo_position":"above","related_issue":[562339],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership - 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\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership\" \/>\n<meta property=\"og:description\" content=\"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 over a decade. 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SFE CEO Ayman\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;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":556049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","url_meta":{"origin":562343,"position":1},"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. 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