{"id":565993,"date":"2021-05-20T13:43:34","date_gmt":"2021-05-20T13:43:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/to-universal-bankhood-and-beyond\/"},"modified":"2021-05-20T13:43:34","modified_gmt":"2021-05-20T13:43:34","slug":"to-universal-bankhood-and-beyond","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/to-universal-bankhood-and-beyond\/","title":{"rendered":"To universal bankhood, and beyond"},"content":{"rendered":"

<\/a> EFG and the SFE have inked agreements to buy a supermajority stake in AIB in a <\/strong>transaction worth some EGP 3.8 bn. <\/strong>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)<\/a> out this morning, saying they had inked agreements for the transaction after receiving cabinet approval yesterday<\/a>. The acquisition is structured as a capital increase that will raise AIB\u2019s paid-in capital to EGP 5 bn. The news comes one day after EFG announced strong 1Q2021 financial results<\/a>.<\/p>\n

Who\u2019s getting what? <\/strong>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, giving it 51% of AIB and majority ownership. Meanwhile, the SFE acquired 207 mn newly issued shares at the same per-share price totalling EGP 1.25 bn, making it the second-largest shareholder with a 25% stake. The National Investment Bank \u2014 AIB\u2019s parent company \u2014 will hold the remaining 24%, after purchasing stakes of previous minority shareholders.<\/p>\n

The agreement sees EFG Hermes transform into a universal banking platform<\/strong>, CEO Karim Awad said. This comes as part of a diversification strategy that has strengthened the group\u2019s presence in frontier emerging markets, he added in the statement, noting that \u201cas a company, we continue to be extremely bullish about what the future holds for Egypt.\u201d<\/p>\n

A decisive transformation: <\/strong>Under Awad\u2019s leadership, EFG has transformed from an Egypt-focused investment bank with a presence in the GCC into the leading investment bank in frontier emerging markets with offices in Egypt, the GCC, Nigeria, Kenya, Bangladesh, Vietnam, London, New York and more. In parallel, Awad has turned EFG into a financial services powerhouse in Egypt with potential to expand well beyond, adding microfinance, leasing, factoring, payments, consumer finance, insurance, mortgage finance and more to the firm\u2019s non-bank financial services platform. It\u2019s a playbook that other domestic investment banks, looking to smooth out their earnings, have emulated. Awad told the the full story in his appearance on Making It<\/a>, our podcast on how to build a great business here in Egypt.<\/p>\n

Explore more of EFG Hermes\u2019 track record here <\/strong>in the company\u2019s credentials deck (pdf).<\/a><\/p>\n

The transaction is expected to close in 3Q2021,<\/strong> pending the Central Bank of Egypt\u2019s (CBE) final approval.<\/p>\n

Background<\/strong>: EFG and the SFE began due diligence on AIB last June, after receiving clearance from the CBE. The National Investment Bank had announced earlier last year a plan to take several of its portfolio companies to market with the help of the SFE.<\/p>\n

This is the first full bank privatization Egypt has seen in 15 years, <\/strong>the last being the sale of Bank of Alexandria to Italy\u2019s Intesa Sanpaolo in 2006. 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 also been working to sell United Bank<\/a> to a strategic investor, but that process appears to have been put on hold due to market turbulence resulting from the covid-19 pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"

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) out this morning, saying they […]<\/p>\n","protected":false},"author":1,"featured_media":565994,"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":[84,633,7128,585,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-efg-hermes","tag-enterprisepm","tag-ma-watch","tag-national-investment-bank","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"725b8748-3b40-48db-9e92-01f579d70b04","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/408.jpeg","photo_position":"above","related_issue":[565987],"teaser":"","voice_url":""},"yoast_head":"\nTo universal bankhood, and beyond - 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\/to-universal-bankhood-and-beyond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"To universal bankhood, and beyond\" \/>\n<meta property=\"og:description\" content=\"EFG and the SFE have inked agreements to buy a supermajority stake in AIB in a transaction worth some EGP 3.8 bn. 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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":558893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","url_meta":{"origin":565993,"position":2},"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":574628,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/efg-hermes-egypts-sovereign-fund-to-finalize-aib-takeover-this-year\/","url_meta":{"origin":565993,"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":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":565993,"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":556049,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/10\/efg-hermes-sfe-get-cabinet-signoff-on-arab-investment-bank-acquisition\/","url_meta":{"origin":565993,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565993","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=565993"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565993\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565994"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565993"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565993"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}