{"id":565536,"date":"2021-04-14T13:02:29","date_gmt":"2021-04-14T13:02:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/"},"modified":"2021-04-14T13:02:29","modified_gmt":"2021-04-14T13:02:29","slug":"efg-board-greenlights-arab-investment-bank-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/","title":{"rendered":"EFG board greenlights Arab Investment Bank acquisition"},"content":{"rendered":"

<\/a> EFG Hermes and the Sovereign Fund of Egypt are getting closer to acquiring a combined <\/strong>76% stake in the Arab Investment Bank<\/strong> 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)<\/a>. SFE CEO Ayman Soliman said last month<\/a> the acquisition will be complete \u201cwithin weeks.\u201d<\/p>\n

What\u2019s AIB?<\/strong> It bills itself as an \u201cinvestment and business bank\u201d under the aiBank<\/a> brand and has a full banking license, offering business, personal and Islamic banking at more than 30 branches nationwide. The transaction would effectively transform EFG Hermes into a universal bank.<\/p>\n

What is AIB worth?<\/strong> AIB's fair value is EGP 1.1 bn, according to the assessment from PricewaterhouseCoopers \u2014 EFG and SFE's independent financial advisor. The fund and EFG will purchase the stake through a capital increase.<\/p>\n

Who gets what?<\/strong> Once the sale closes, EFG will become AIB\u2019s controlling shareholder with a 51% stake, while the SFE will take no more than 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 91.4% stake.<\/p>\n

Background: <\/strong>EFG Hermes and the SFE announced in June<\/a> that they had been given the green light by the Central Bank of Egypt to start due diligence on the AIB. The acquisition plans came after the National Investment Bank \u2014 AIB\u2019s parent company \u2014 announced earlier last year that it plans to take several of its portfolio companies to market.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Soliman said last month the […]<\/p>\n","protected":false},"author":1,"featured_media":565537,"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":[10045],"tags":[3148,102,271,84,633,7128,585,826,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-arab-investment-bank","tag-capital-markets","tag-central-bank-of-egypt","tag-efg-hermes","tag-enterprisepm","tag-ma-watch","tag-national-investment-bank","tag-pwc","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"26d64c6e-10b4-48d4-b053-63f5becb0429","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/420.jpg","photo_position":"above","related_issue":[565530],"teaser":"","voice_url":""},"yoast_head":"\nEFG board greenlights Arab Investment Bank acquisition - 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\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EFG board greenlights Arab Investment Bank acquisition\" \/>\n<meta property=\"og:description\" content=\"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 Soliman said last month the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-14T13:02:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EFG board greenlights Arab Investment Bank acquisition\",\"datePublished\":\"2021-04-14T13:02:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\"},\"wordCount\":255,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/420.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Arab Investment Bank\",\"capital markets\",\"Central Bank of Egypt\",\"EFG Hermes\",\"EnterprisePM\",\"M&A Watch\",\"National Investment Bank\",\"PwC\",\"Sovereign Fund of Egypt\"],\"articleSection\":[\"SPEED ROUND: M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/14\/efg-board-greenlights-arab-investment-bank-acquisition\/\",\"name\":\"EFG board greenlights Arab Investment Bank acquisition - 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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":558893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","url_meta":{"origin":565536,"position":1},"title":"CBE OKs acquisition of 76% of AIB by EFG and SFE","author":"enterpriseam admin","date":"31 August 2021","format":false,"excerpt":"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\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\/8\/313.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":565536,"position":2},"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":565536,"position":3},"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":556049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","url_meta":{"origin":565536,"position":4},"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":559094,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/10\/the-arab-investment-bank-sale-update-hindawi-sells-for-usd-298-mn\/","url_meta":{"origin":565536,"position":5},"title":"The Arab Investment Bank sale update + Hindawi sells for USD 298 mn","author":"enterpriseam admin","date":"10 January 2021","format":false,"excerpt":"EFG Hermes and the Sovereign Fund of Egypt (SFE) will wrap up their acquisition of the ArabInvestment Bank (AIB) a month later than planned. 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